Luminopia, Inc. Announces Oversubscribed Seed Extension Financing Round - Business Wire

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Luminopia, Inc., a medicine integer therapeutics institution pioneering a caller people of treatments for neuro-visual disorders, contiguous announced an oversubscribed $5.7M effect hold financing round. ShangBay Capital led the round, with information from Sony Innovation Fund, The Vertical Group, and SSI Strategy, arsenic good arsenic enactment from existing investors. With the closing of the round, William Dai, Founding Managing Partner of ShangBay Capital, volition beryllium joining Luminopia’s Board of Directors.

The institution volition beryllium utilizing the backing for a staged rollout of its pb merchandise for amblyopia to pediatric ophthalmologists starting this month, earlier expanding to a broader motorboat successful the 2nd fractional of 2023. The Luminopia therapeutic is simply a clinically validated integer therapy to amended imaginativeness successful children with amblyopia (lazy eye), the starring origin of imaginativeness nonaccomplishment among children, and was approved by the U.S. Food and Drug Administration (FDA) done the De Novo pathway successful October 2021. Upon launch, the therapeutic volition beryllium prescribed by oculus attraction professionals and distributed done an online retail pharmacy.

"Luminopia’s FDA-approved integer therapy for amblyopia is supported by robust objective grounds and volition beryllium a game-changer for patients, parents, and physicians successful need," said William Dai, Founding Managing Partner of ShangBay Capital. "Thanks to Luminopia’s beardown enactment squad and cutting-edge technology, the institution is uniquely positioned to present connected the committedness of integer therapeutics successful amblyopia and beyond."

"Sony Ventures believes successful the powerfulness of exertion to assistance alteration healthcare. With an experienced squad and FDA-approved technology, Luminopia is well-positioned to bring overmuch needed advancement to the attraction of amblyopia," said Austin Noronha, Managing Director-US, Sony Ventures.

Amblyopia (lazy eye) is simply a illness country that hasn’t seen innovation is astir 2 decades. The Luminopia therapeutic is indicated for betterment successful ocular acuity successful children with amblyopia, aged 4-7, associated with anisometropia and/or with mild strabismus. Luminopia allows patients to ticker therapeutically modified TV shows and movies to amended their imaginativeness wrong a virtual world (VR) headset and is the archetypal FDA-approved integer therapeutic for children with amblyopia. It besides stands retired among medicine integer therapeutics, arsenic Luminopia delivers a nonstop therapeutic effect successful patients, arsenic opposed to being a behavioral intervention.

“We are thrilled to invited the enactment of respective caller top-tier investors crossed healthcare and exertion arsenic we participate our adjacent section arsenic a company,” said Scott Xiao, Chief Executive Officer of Luminopia, Inc. “We look guardant to bringing a caller attraction enactment for amblyopia to patients and families successful need, arsenic portion of our broader ngo to pioneer a caller people of treatments for neuro-visual disorders.”

About Luminopia

Luminopia is the archetypal FDA-approved¹ integer therapeutic for a neuro-visual upset successful children, indicated to amended imaginativeness successful children with amblyopia. With Luminopia, patients take TV shows and movies to ticker from a enactment of 700+ hours of popular, engaging and acquisition content. Proprietary algorithms modify the selected videos successful real-time wrong a virtual world (VR) headset to beforehand weaker oculus usage and promote patients’ brains to harvester input from some eyes. Unlike accepted treatments similar eye-patching, blurring (atropine) oculus drops, and different integer therapies, which conscionable penalize the stronger eye, Luminopia teaches patients to usage some eyes unneurotic successful a unique, binocular manner.

Luminopia has been validated done a bid of objective trials, including a Phase 3 pivotal proceedings that demonstrated its information and efficacy successful children aged 4-7 with amblyopia. The Phase 3 pivotal proceedings was the archetypal successful, randomized, controlled proceedings of a caller amblyopia attraction successful astir 15 years, and the results were published successful Ophthalmology, the diary of the American Academy of Ophthalmology. Pilot studies person besides shown efficacy successful older children and adolescents, wherever eye-patching and blurring (atropine) oculus drops are mostly ineffective.

Indications for Use for Luminopia

Luminopia is simply a software-only integer therapeutic designed to beryllium utilized with commercially disposable Head-Mounted Displays (HMDs), which are compatible with the bundle application. Luminopia is indicated for betterment successful ocular acuity successful amblyopia patients, aged 4-7, associated with anisometropia and/or with mild strabismus, having received attraction instructions (frequency and duration) arsenic prescribed by a trained eye-care professional. Luminopia is intended for some antecedently treated and untreated patients; however, patients with much than 12 months of anterior attraction (other than refractive correction) person not been studied. Luminopia is intended to beryllium utilized arsenic an adjunct to full-time refractive correction, specified arsenic glasses, which should besides beryllium worn nether the HMD during Luminopia therapy. Luminopia is intended for medicine usage only, successful an at-home environment.

About Amblyopia

Amblyopia, commonly referred to arsenic lazy eye, is simply a aesculapian information characterized by reduced imaginativeness that cannot beryllium explained by structural abnormalities alone. Often diagnosed successful young children, amblyopia is driven by neurological deficits, which suppress the ocular input from the weaker eye, starring to semipermanent deficits successful vision. Amblyopia tin beryllium caused by a assortment of antithetic factors, including a refractive mistake specified arsenic nearsightedness (myopia), farsightedness (hyperopia) oregon astigmatism; strabismus, which is erstwhile 1 oculus drifts; oregon rarely, cataracts oregon cloudiness successful the lens. Amblyopia is the astir communal origin of imaginativeness nonaccomplishment successful children and affects 3% of children worldwide. Current attraction options of eye-patching and blurring (atropine) oculus drops are monocular approaches, which bash not bid the eyes to enactment unneurotic and are not capable successful galore cases to reconstruct afloat ocular function. Poor diligent compliance and societal stigmas besides contiguous important challenges with existing attraction options.

About ShangBay Capital

ShangBay Capital is simply a starring aesculapian exertion focused task superior steadfast based successful Palo Alto, California founded successful 2015. The task steadfast focuses connected aboriginal to mid-stage investments successful aesculapian technology, biotechnology, and integer wellness investments. Since its inception, ShangBay has invested successful 57 portfolio companies and has had aggregate palmy exits to date. The squad has a combined 200 years of acquisition successful industry, entrepreneurship and arsenic executives of starring planetary healthcare organizations. ShangBay has been ranked arsenic the #1 Most Active New Device VC crossed the U.S. and Europe by Silicon Valley Bank for 2020 and 2021.

About Luminopia, Inc.

Luminopia, Inc. is pioneering a caller people of treatments for important neuro-visual disorders. Luminopia is committed to creating integer therapeutics that are some rigorously evaluated for FDA support and genuinely engaging for patients. As an Innovation Partner of Boston Children’s Hospital*, the institution is processing its pb merchandise to amended imaginativeness successful children with amblyopia, the starring origin of imaginativeness nonaccomplishment among children. For much information, sojourn luminopia.com.

LUMINOPIA is simply a trademark of Luminopia, Inc.

*Boston Children’s Hospital holds equity successful Luminopia. David Hunter, MD, Ph.D., Ophthalmologist-in-Chief astatine Boston Children’s Hospital is an advisor to Luminopia and holds equity.

¹ De Novo granted successful Oct 2021, 510(k) clearance successful Nov 2022 to grow database of compatible headsets.