Venture-backed ophthalmic medical device company Sight Sciences said today it closed an oversubscribed $7 million Series B round of financing.
Sight Sciences produces the Trab 360 and Visco 360 surgical devices as well as a portfolio of technologies in the advanced stages of development for treating evaporative dry eye.
The round was led by Dallas-based private equity firm Hicks Equity Partners, and Sight Sciences said that all Series A investors participated in the B round, including Series A co-lead Scientific Health Development, Allegro Investment Funds and other institutional and angel investors.
“We are thrilled to have Hicks Equity Partners in our shareholder base and look forward to creating substantial value together. Our existing shareholders have seen the early clinical data from both our surgical and non-surgical lines of business and all stepped up to support what became an oversubscribed round of financing. We’re looking forward to initiating a series of clinical trials across our ophthalmic product portfolio that will position us for market leadership in each of our respective categories,” Sight Sciences CEO Paul Badawi said in prepared remarks.
Proceeds from the round are slated for building out the Menlo Park, Calif.-based company’s management team, scaling manufacturing, supporting pdouct development and initiating clinical studies.
“We continue to be impressed with Sight Sciences’ commitment to delivering disruptive medical device innovations to the field of ophthalmology. The team has made tremendous progress with its minimally invasive surgical product line and is in the advanced stages of development of a breakthrough medical device in the evaporative dry eye space,” Hicks Equity Partners partner Mack Hicks said in a press release.