Luminopia, Inc., a prescription digital therapeutics company pioneering a new class of treatments for neuro-visual disorders, today announced an oversubscribed $5.7M seed extension financing round. ShangBay Capital led the round, with participation from Sony Innovation Fund, The Vertical Group, and SSI Strategy, as well as support from existing investors. With the closing of the round, William Dai, Founding Managing Partner of ShangBay Capital, will be joining Luminopia’s Board of Directors.
The company will be using the funding for a staged rollout of its lead product for amblyopia to pediatric ophthalmologists starting this month, before expanding to a broader launch in the second half of 2023. The Luminaria therapeutic is a clinically validated digital therapy to improve vision in children with amblyopia (lazy eye), the leading cause of vision loss among children, and was approved by the U.S. Food and Drug Administration (FDA) through the De Novo pathway in October 2021. Upon launch, the therapeutic will be prescribed by eye care professionals and distributed through an online retail pharmacy.
“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,” said William Dai, Founding Managing Partner of ShangBay Capital. “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.”
“Sony Ventures believes in the power of technology to help transform healthcare. With an experienced team and FDA-approved technology, Luminopia is well-positioned to bring much-needed advancement to the treatment of amblyopia,” said Austin Noronha, Managing Director-US, Sony Ventures.
Amblyopia (lazy eye) is a disease area that hasn’t seen innovation in nearly two decades. The Luminaria therapeutic is indicated for improvement in visual acuity in children with amblyopia, aged 4-7, associated with anisometropia and/or mild strabismus. Luminaria allows patients to watch therapeutically modified TV shows and movies to improve their vision within a virtual reality (VR) headset and is the first FDA-approved digital therapeutic for children with amblyopia. It also stands out among prescription digital therapeutics, as Luminopia delivers a direct therapeutic effect in patients, as opposed to being a behavioral intervention.
“We are thrilled to welcome the support of several new top-tier investors across healthcare and technology as we enter our next chapter as a company,” said Scott Xiao, Chief Executive Officer of Luminopia, Inc. “We look forward to bringing a novel treatment option for amblyopia to patients and families in need, as part of our broader mission to pioneer a new class of treatments for neuro-visual disorders.”