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VisionCare closes financing, makes board changes

Tuesday, January 24, 2012

VisionCare Ophthalmic Technologies, a developer of advanced visual prosthetic devices, will close a Series E financing with Agate Medical Investments leading the expansion round.  Agate’s managing general partner, Chanan Schneider, will join the VisionCare team as a board observer.

Allen W. Hill, VisionCare’s CEO, said the financing will accelerate the commercial launch of its telescope implant for treating end-stage macular degeneration.

Schneider, managing general partner of Agate, previously was CEO of Beta-O2, a bio-device company, and managing director at Discount Capital Markets, where he led medtech and other technology investments.  

VisionCare also has added two new members to its board of directors: David Israeli, M.D., Pitango Venture Capital, and Yuval Avni, M.D., Giza Venture Capital.

Israeli joined Pitango in 2010 as a venture partner in the life sciences team, focusing on the medical device and biopharmaceuticals sectors. Previously, Israeli held positions at Medtronic and Rythmia Medical.

Avni is a partner at Giza Venture Capital, focusing on investments in life science and cleantech sectors. He is a medical practitioner with clinical experience in general and vascular surgery, and conducted clinical research in human genetics prior to entering the venture capital field.

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