SAN DIEGO--(BUSINESS WIRE)--Tear Film Innovations, Inc. (TFI) announced today it has completed a $8.5 million Series B Preferred Stock funding round led by Visionary Ventures Fund, L.P. and Bluestem Capital.
“This successful funding round completes the capitalization for our growth strategy. We are currently making key hires to meet the significant market demand for our iLux® system,” said Rob Thornhill, CEO of TFI. “We appreciate the ongoing support from Visionary Ventures, the significant investment by Bluestem Capital and the continued participation of our early investors.”
The iLux system received 510k clearance from the U.S. Food and Drug Administration in December 2017. The device enables eye care professionals to provide targeted therapy to blocked meibomian glands through an in-office treatment. The dry eye therapy was unveiled to ophthalmologists at the 2018 annual meeting of the American Society for Cataract and Refractive Surgery in April and showcased this month to optometrists at the 2018 Vision Source Exchange.
“The early, enthusiastic response to the iLux system from both the ophthalmic and optometric sectors is very encouraging,” said Richard Lindstrom, M.D., of Minnesota Eye Consultants and member of the Visionary Ventures Fund investment team. “Dry eye continues to dominate the clinical and commercial landscape in eye care and we are confident the iLux device will play a significant role moving forward.”
“We continue to see the value in TFI and fully support the company’s leadership team in bringing this important dry eye treatment option to the eye care market,” said Jeffry Weinhuff, Managing Partner, Visionary Ventures Fund, L.P.
About Visionary Ventures Fund, L.P.
Visionary Ventures Fund, www.visionaryvc.com, is an ophthalmology-focused venture capital firm investing across all aspects of the eye. The fund partners with leading ophthalmologists and sophisticated investors to make later-stage investments in devices and pharmaceuticals in the $40 billion global ophthalmology industry. Visionary Ventures Fund is located in Orange County, Calif., the global center for innovation in ophthalmology, where the industry adds $13 billion annually to the California economy. Working closely with its key opinion leader (KOL) partners to identify and assess investments across the globe, the Fund draws on its local knowledge base for diligence support through its affiliation with OCTANe’s Launch Pad business accelerator. Visionary presently enjoys eight investments in ophthalmology in the Fund’s portfolio.
About Bluestem Capital
With more than 75 years of collective experience, Bluestem Capital is a private equity and venture capital firm with 26 portfolio companies. Bluestem has invested alongside Visionary Ventures previously.
About Tear Film Innovations
Tear Film Innovations (TFI) is the manufacturer of the iLux system, a break-through device for the treatment of evaporative dry eye and related syndromes including Meibomian Gland Dysfunction (MGD). For more information visit www.tearfilm.com.
