TechNation: EyeYon Gets FDA Approval for Therapeutic Contacts Lens

Ornim raises $20 million for blood-flow monitoring device; Innoviz raises $9 million for self-driving-vehicle technology; Insert secures $10 million for app-building toolkit technology.

EyeYon Medical's Hyper-CL contact lens.
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EyeYon gets FDA approval for therapeutic contacts lens

EyeYon Medical said Monday the U.S. Food and Drug Administration had approved its therapeutic contact lens for treating corneal edema. The company’s Hyper-CL contact lens enables hypertonic agents to draw water out of the cornea longer, offering relief from corneal edema-related symptoms. The product, which has already won the European CE approval, acts as a substitute for eye drops. “Today only about 5% of medications for treating the eye actually reaches its target and has any efficacy. Our contact lenses enable it to be administered for a longer period than putting medicine into the eye,” said CEO Nahum Ferera. About two million people every year suffer from the malady, which causes blurred vision or haloes around lights. EyeYon was formed in 2011 with $5 million in backing to date mainly from the Docor Venture Capital Fund. It expects about $500,000 in sales this year. (Ruti Levy)

Ornim raises $20 million for blood-flow monitoring device

Kfar Saba-Israel-based Ornim has raised $20 million for its cerebral blood-flow device from a group of investors led by the medtech investor LongTec HongTao China Ventures. OrbiMed and GE Ventures also joined the round, which follows a $10 million round it completed in 2014. The company’s flagship products, c-Flow, measures and monitors blood flow to the brain and other tissues noninvasively, using near-infrared light and ultrasound. C-Flow already has U.S. Food and Drug Administration approval and is now working on getting similar clearance from Chinese regulatory authorities by the second half of next year. “LongTec’s extensive expertise in developing and commercializing medical technologies in China and throughout Asia will greatly accelerate our current efforts in expanding our global market opportunity,” said Ornim CEO Israel Schreiber. Terms of the transaction anticipate an additional investment amount of up to $10 million, the company said. (TheMarker Staff)

Innoviz raises $9 million for self-driving-vehicle technology

Innoviz, a startup developing advanced sensors and systems for fully self-driving vehicles, emerged from stealth mode on Monday and announced it had raised $9 million. Investors include serial entrepreneur Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Investments. At the heart of Innoviz’s technology is a high-definition solid state laser-based, or LiDAR, sensor that offers what the company says is a wider field of view and higher resolution than other LiDAR sensors while significantly reducing the size and cost to below $100. “Current approaches compromise passenger safety by failing to include LiDAR sensors as part of the system, due to cost and performance limitations. Our groundbreaking technology will make our [LiDAR] accessible to mass market,” said CEO Omer Keilaf, who co-founded the company earlier this year. (Eliran Rubin)

Insert secures $10 million for app-building toolkit technology

Insert, a maker of automated app-building tools for corporate users, has raised $10 million in financing, led by Battery Ventures, a global investment firm together with existing seed investors, including Shlomo Kramer, a prominent angel investor. Insert offers customers a catalog of ready-made, mobile-app features that enable marketers to add new engagement tools to their existing iOS and Android apps without requiring any coding or app store approval, cutting development times from weeks and even months. Insert was formed in 2015 by Shahar Kaminitz — whose previous startup Worklight was sold to IBM for $70 million in 2012 — and by Yaron Goldberg. To date, the company has raised $15 million and employs 30 people, 25 of them in Israel. Proceeds will be used to double staffing over the next year. (Eliran Rubin)