Luminopia, a digital therapeutics company developing a new class of treatments for neuro-visual disorders, has secured an oversubscribed $5.7M seed extension financing round. The financing will be used for a staged rollout of the company's lead product for amblyopia to pediatric ophthalmologists starting this month, followed by a wider launch in the second half of 2023.
The Luminopia is intended for the improvement of visual acuity in children aged 4 to 7 who have amblyopia, anisometropia, and/or mild strabismus, and who have followed treatment recommendations given by a competent eye-care professional. Upon launch, the therapeutic will be prescribed by eye care professionals and distributed through an online retail pharmacy.
It is the first FDA-approved digital therapy for amblyopia in children, and more broadly, the first for a neuro-visual disorder. It also stands out among prescription digital therapeutics, as Luminopia delivers a direct therapeutic effect in patients, as opposed to being a behavioral intervention.
"Luminopia’s FDA-approved digital therapy for amblyopia is supported by robust clinical evidence and will be a game-changer for patients, parents, and physicians in need," William Dai, Founding Managing Partner of ShangBay Capital, said in a company news release. "Thanks to Luminopia’s strong leadership team and cutting-edge technology, the company is uniquely positioned to deliver on the promise of digital therapeutics in amblyopia and beyond."
The financing was led by ShangBay Capital, with assistance from previous investors and participation from Sony Innovation Fund, The Vertical Group, and SSI Strategy. William Dai, the founding managing partner of ShangBay Capital, will join Luminopia's board of directors as soon as the round is closed.