A growth in the incidence of eye diseases correlated with aging is prompting a rise in investment for technologies to diagnose and treat such disorders.So far this year, venture capitalists have invested more than $80 million in several companies developing advanced ocular imaging, retinal therapies and specialized contact lenses. Most recently, EyeIC, a Narbeth, Pa.-based developer of software used in detecting and monitoring glaucoma, recently secured the third installment of a $1.9 million Series A round after receiving certification by the U.S. Food & Drug Administra
tion allowing it to market its product. A Series A round is the first round of funding that startups raise from investors.EyeIC was founded in 2004 based on intellectual property developed at the University of Pennsylvania. The company raised its $1.9 million Series A round from MentorTech Ventures, Ben Franklin Technology Partners and individual investors. The financing was split over three tranches.CEO Ira Wallace says that the company plans to seek additional funding, including about $1 million "to get through 2010," as well as another $2.5 million to $4 million to market and distribute its software in the United States and Europe.EyeIC develops software, called MatchedFlicker, which aids in glaucoma diagnosis by allowing doctors to monitor retinal photographs over time to mark changes and detect progressions of disease. The program, which the company plans to make commercially available in July, will be sold either as a subscription or licensed to ophthalmologists and optometrists following a free trial. The company has not yet set prices on the software.
tion allowing it to market its product. A Series A round is the first round of funding that startups raise from investors.EyeIC was founded in 2004 based on intellectual property developed at the University of Pennsylvania. The company raised its $1.9 million Series A round from MentorTech Ventures, Ben Franklin Technology Partners and individual investors. The financing was split over three tranches.CEO Ira Wallace says that the company plans to seek additional funding, including about $1 million "to get through 2010," as well as another $2.5 million to $4 million to market and distribute its software in the United States and Europe.EyeIC develops software, called MatchedFlicker, which aids in glaucoma diagnosis by allowing doctors to monitor retinal photographs over time to mark changes and detect progressions of disease. The program, which the company plans to make commercially available in July, will be sold either as a subscription or licensed to ophthalmologists and optometrists following a free trial. The company has not yet set prices on the software.For further details visit at:www.reuters.com/article/deborahCohen/idUSTRE55M46320090627
