WALTHAM, Mass.--(BUSINESS WIRE)--Avedro, Inc announced today the completion of its $25 million Series C financing. SCP Vitalife led the round along with Aperture Venture Partners. They will join existing investors Prism VentureWorks, De Novo Ventures, Flagship Ventures, Borealis Ventures and Echelon Ventures in this financing. The company plans to use the proceeds to expand commercial operations of the Vedera® and KXL™ Systems outside the United States, and to seek US FDA clearance.
“Avedro’s products are now providing ophthalmologists advanced methods to treat their patients and the ability to increase their practices. This is a very exciting time for the Company and we are happy to be joining them as they ramp up their commercial launch,” said Jeff Dykan, Partner, SCP Vitalife.
“We are excited to be joining Avedro as the company builds on its rapidly growing early commercialization phase,” said Eric Sillman, General Partner, Aperture Venture Partners.
As a part of this round, Jeff Dykan of SCP Vitalife will be joining the Avedro Board of Directors, and Eric Sillman of Aperture Venture Partners will join as a Board Observer.
“Avedro is thrilled to welcome SCP Vitalife and Aperture Venture Partners as partners in our mission to bring ophthalmic surgeons the tools they are asking for. We are particularly happy to have an overseas investor that can provide ‘on the ground’ help in our international markets” said David Muller, PhD, CEO of Avedro.
Avedro, a privately held ophthalmic device and pharmaceutical company based in Waltham, MA, is developing systems and procedures for biomechanically strengthening and modifying the cornea. The company is producing and selling the KXL System for performing Lasik Xtra and Accelerated Cross-linking. The KXL System should greatly enhance the Lasik market by offering patients a valuable measure of security. In addition the company is producing and selling the Vedera System for performing Keraflex, a non‐invasive, incisionless ophthalmic procedure for flattening the cornea. Because Keraflex thermally remodels the cornea without the removal of any tissue, the procedure offers the unique ability to induce refractive change without weakening the cornea’s biomechanical integrity. Both devices are CE Marked and commercially available outside of the United States.
About SCP Vitalife
SCP Vitalife is a venture capital fund focused on life science investments in Israel and the U.S. The fund invests in early to mid-stage companies with break-through products that meet a current medical need and are protected by strong intellectual property. The SCP Vitalife team includes investment professionals with prior experiences as senior executives, clinical practitioners and venture capitalists. With offices in Tel Aviv, Israel, and suburban Philadelphia, SCP Vitalife provides hands-on strategic assistance to portfolio companies, often augmenting and enhancing their business development efforts.
About Aperture Venture Partners:
Aperture Venture Partners is a venture capital group committed to working with exceptional entrepreneurs to tackle significant problems and create major new opportunities. Aperture works exclusively within the dynamic and growing healthcare industry. Its principals have been entrepreneurial leaders in the healthcare and investment industries over the past 30 years. They have successfully invested more than $1 billion and founded companies that have had combined revenues greater than $2 billion.