San Francisco startup Oculeve Inc. closed a $16.6 million funding round in supports of its implantable technology for treatment of dry eye disease.
The money was raised through sales of equity to 8 unnamed investors, according to an SEC filing. Around this same time last year Oculeve had reported $7.6 million raised from 9 investors and in October 2012 the company reportedly raised $7.6 million from 8 investors. The company has reportedly raised around $33.2 million since 2011.
Oculeve’s still-stealthy product aims to spur tear production via an implanted stimulator placed near the lacrimal glands in the eyes. The technology was born at Stanford University, through collaboration between the departments of biodesign and ophthalmology, according to Oculeve’s website.
The company was founded by graduate students and unveiled at a bioengineering design competition. Oculeve is recruiting participants in an early human clinical trial based in Mexico, according to ClinicalTrials.gov.
