Retina Implant closes $18 million round | Funding roundup

Sub-retinal prosthesis developer Retina Implant AG raised $18 million in venture capital funding.

The company’s sub-retinal implant is comprised of a microchip that’s inserted into the eye to restore vision for people suffering from retinitis pigmentosa, a retinal degeneration disorder.

The new financing will support the expansion of the device’s second clinical trial in addition to Retina Implant’s efforts to achieve CE Mark approval to begin selling and marketing its implant in Europe, according to the company. All of Retina Implant’s initial investors participated in the round, the company said.

"The continued support of our investors provides tremendous validation toward Retina Implant’s journey to restore vision to the blind. Our team looks forward to continuing the momentum we’ve achieved to ensure our device is available quickly to patients in need," Retina Implant CEO Walter Wrobel said.

In 2005, the company launched its first human trial. At the time, Retina Implant also began talking to venture capital firms in Europe, but the technology was deemed too risky, Wrobel told MassDevice in a December interview. It wasn’t until a wealthy businessman, who was personally interested because he had relatives who suffered from vision loss, that the company found significant outside investment, he said.

Last November, the company published results (PDF) from the first in-human clinical trial that proved the device can work in the Proceedings of the Royal Society B.

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