Sight Sciences said today that it closed a Series D funding round of more than $30 million.
The financing, led by KCK Group, totaled $31 million for the Menlo Park, Calif.-based company that specializes in devices for micro-invasive glaucoma surgery (MIGS) and in treatments for dry eye disease. The company initially said it had pulled in the funding on August. 26, but didn’t name the investors at the time.
Sight Sciences, which entered into a $25 million debt facility with MidCap Financial earlier this year, plans to put the $56 million in total funding toward the growth of its Omni surgical system and TearCare system in the U.S. The Omni device is used for minimally invasive glaucoma procedures, while TearCare delivers heat to targeted areas of the eyelids to treat dry eye disease.
Omni is in the midst of a single-arm, 130-person trial with an estimated primary completion date of August 2020 and final completion slated for December of next year.
Sight Sciences also intends to develop a global commercial infrastructure in international markets, conduct additional clinical trials across its product portfolio and develop a pipeline of innovations in new ophthalmic categories, the company said in a news release.
“Sight Sciences has created one of the most innovative approaches to surgical glaucoma in decades,” KCK managing director Valeska Schroeder said. “It became clear in our diligence that surgeons across the United States are rapidly adopting Omni as their preferred MIGS device. By targeting all three sources of outflow resistance in the conventional outflow pathway, Omni is uniquely capable of opening up the highly anticipated and substantial ‘standalone MIGS’ market. KCK is also excited about Sight Sciences’ recent launch of TearCare, the only wearable, open-eye device in the underserved and rapidly emerging evaporative dry eye space. KCK is looking forward to partnering with Sight Sciences as they lead the development and expansion of these two rapidly emerging markets.”
“We could not be more thrilled than to have KCK as our lead growth equity investor and MidCap as our debt capital provider,” added Sight Sciences CFO Jesse Selnick. “KCK’s unmatched breadth of high growth medtech investment and operating experience, which includes successful and disruptive market development work, is truly the perfect match for where we are in our company’s evolution. We look forward to long and successful partnerships with our key stakeholders and to continue upon the substantial commercial and product development progress Sight Sciences has made over the past year.”