Ophthalmic medical device company Sight Sciences said this week it closed a $10 million oversubscribed Series C round to support expanding manufacturing and its US commercial team and the launch of its devices into the dry eye and microinvasive surgery markets.
The round was led by Allegro Investment Fund and was joined with full participation from existing Series A and Series B investors, the Menlo Park, Calif.-based company said. As part of the funding around, Allegro’s chairman Steffan Encrantz will join the company’s board of directors as chair.
Funds are also slated to support expanding the company’s product indications and strategic product positioning.
“Allegro has supported Sight Sciences from the beginning, and we have witnessed its technology platforms mature into breakthrough products that eye care providers confidently use to care for their patients. We look forward to supporting the Sight team as they work to elevate the standard of care globally in both glaucoma and dry eye, two diseases in need of high-yield innovation and more effective solutions,” Allegro Investment chair Encrantz said in a press release.
“We are excited to partner with Allegro and welcome Staffan Encrantz to our board of directors as Chairman. Allegro is a skilled growth investor with a long-term view and strong history of supporting innovative companies like Sight Sciences as we achieve commercial scale and market leadership,” prez & CEO Paul Badawi said in a prepared statement.
Sight Sciences said that, unrelated to the funding round, it tapped 20-year Alcon vet Shawn O’Niel as its senior VP of sales and marketing.
“Shawn brings a wealth of valuable industry knowledge and an extensive professional network from his long and successful career at Alcon. He is perfectly suited to lead our upcoming product launches and commercial scale-up and will make a substantial impact in creating value for all Sight Sciences stakeholders – patients, providers, payors, and shareholders. With Shawn’s addition to our leadership team and the closing of an oversubscribed round led by our seasoned growth capital investor, we are excited to take our commercial efforts to the next level,” CEO Badawi said in a prepared release.
Last December, Sight Sciences said it won Health Canada approval for its TRAB 360 trabeculotomy system.
