February 17, 2021
ATLANTA – Visioneering Technologies, Inc. (VTI) has received investment commitments of $22 million, according to a company announcement. Capital will be used to expand sales in existing global territories, for general working capital, and for clinical trials data that will support approval in China, additional market penetration, and strategic business development.
Founded in 2008, VTI designs, manufactures, sells, and distributes contact lenses. Its flagship product is the NaturalVue Multifocal contact lens, and the company has expanded its portfolio of technologies to address a range of eye care issues. Recently presented data show that in real-world practices, the NaturalVue Multifocal continues to be effective in reducing myopic progression, even through five years (59 months).
The company has grown operations across the United States, Australia, and Europe and is expanding into Asia with a focus on markets with high rates of myopia.
The announcement added that VTI has started fiscal year 2021 strongly, with $847,000 of shipments to U.S. eye care professionals and approximately $800,000 net revenue at the midpoint of the first quarter of 2021. The company is now forecasting $7 million of net revenue for fiscal year 2021, approximately 40 percent growth on fiscal year 2020.