Luminopia Announces Oversubscribed Seed Extension Financing Round to Fund Amblyopia Treatment
Luminopia, a prescription digital therapeutics company developing a new class of treatments for neuro-visual disorders, announced an oversubscribed $5.7M seed extension financing round. The company will be using the funding for a staged rollout of its lead product for amblyopia to pediatric ophthalmologists starting this month, before expanding to a broader launch in the second half of 2023.
The Luminopia therapeutic is a clinically validated digital therapy to improve vision in children with amblyopia (lazy eye), the leading cause of vision loss among children, and was approved by the FDA through the De Novo pathway in October 2021. Upon launch, the therapeutic will be prescribed by eye care professionals and distributed through an online retail pharmacy.
"Luminopia’s FDA-approved digital therapy for amblyopia is supported by robust clinical evidence and will be a game-changer for patients, parents, and physicians in need," William Dai, Founding Managing Partner of ShangBay Capital, said in a company news release. "Thanks to Luminopia’s strong leadership team and cutting-edge technology, the company is uniquely positioned to deliver on the promise of digital therapeutics in amblyopia and beyond."
The Luminopia therapeutic is indicated for improvement in visual acuity in children with amblyopia, aged 4-7, associated with anisometropia and/or with mild strabismus. Luminopia allows patients to watch therapeutically modified TV shows and movies to improve their vision within a virtual reality (VR) headset and is the first FDA-approved digital therapeutic for children with amblyopia. It also stands out among prescription digital therapeutics, as Luminopia delivers a direct therapeutic effect in patients, as opposed to being a behavioral intervention.
“We are thrilled to welcome the support of several new top-tier investors across health care and technology as we enter our next chapter as a company,” said Scott Xiao, Chief Executive Officer of Luminopia. “We look forward to bringing a novel treatment option for amblyopia to patients and families in need, as part of our broader mission to pioneer a new class of treatments for neuro-visual disorders.”
ShangBay Capital led the round, with participation from Sony Innovation Fund, The Vertical Group, and SSI Strategy, as well as support from existing investors. With the closing of the round, William Dai, Founding Managing Partner of ShangBay Capital, will be joining Luminopia’s Board of Directors.