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Print Edition StoriesMonday, May 11, 2009
Vision tech firm Avedro sees $10M financing round
By Mass High Tech staff
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Medical device maker Avedro Inc. has raised a $10 million round of equity venture capital funding, according to a federal filing.
Avedro, based in Waltham, was started in 2002 using technology developed at Dartmouth College. It’s working on a microwave-based surgery procedure capable of treating myopia without using invasive laser vision correction. According to the filing with the U.S. Securities and Exchange Commission, the firm raised the full $10 million it had been seeking.
This comes a year after a prior A-1 funding round in which Avedro closed on $8 million. In that round, Avedro received funding from 10 investors, including Waltham’s Echelon Ventures and Hanover, N.H.-based Borealis Ventures. A member of Borealis ventures sits on the board of directors, as well.
Avedro’s technology, called Keraflex, uses focused energy to reshape the front surface of the cornea. This avoids creating a flap in the cornea or the need for the removal of any corneal tissue. This is likely to appeal to low-to-moderate myopes who don’t want to use glasses and contact lens, Avedro claims.
Avedro stated that proof of concept has been established through in vitro and in vivo models. Clinical trials will start shortly, followed by product launch in Europe. The company is headed by David Muller, the founder and CEO of Summit Technology Inc. The former Massachusetts company first developed Lasik technology and was later sold for nearly $900 million.
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