EyeYon Medical, which develops solutions for corneal edema and is a graduate of the VLX Ventures tech incubator program, has raised $3.6 million. EyeYon, an Israeli medical device start-up raised the money from Pontifax, TriVentures, a large Indian distributor, the Office of the Chief Scientist, and existing investors. One of the existing investors who participated in the current round is Docor International, which is part of the Van Leer Group, founded in 1969 by the Dutch Jewish philanthropist Bernard Van Leer.
The company has already raised $4.3 million three years ago, when it entered the Van Leer incubator program (now known as Van Leer Xenia, VLX). While the company participated in the incubator, it succeeded in making significant progress developing its product in a relatively short period of time.
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EyeYon Medical was founded by senior ophthalmologist Dr. Ofer Daphna, senior corneal surgeon Dr. Arie Marcovich, and businessman Nahum Ferera. Corneal edema causes blurred vision, discomfort, and sometimes severe eye pain. The only existing effective treatment today is corneal transplant, which is the the oldest and most common organ transplant in the world.
EyeYon Medical’s leading product, which it will begin selling this year, is a hyper-osmotic contact lens. The lens absorbs corneal fluids, and alleviates symptoms through hyper-osmotic concentration of corneal fluid. The unique contact lens has been found to be effective for many corneal diseases, and today the company is working expand the indications for which it is may be used. The company has another product in development – an implant that cures the disease entirely, and eliminates the need for corneal transplant.
