Pioneer Group reinvests in the Nottingham-based company to help accelerate its first two products – designed to aid the healing of eye conditions – before a Series A round in the next 12 months.
Existing investors including the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, the University of Nottingham and private investors will join Pioneer Group in helping NuVision to raise £1.1m.
NuVision’s wound dressings are manufactured from the amniotic membrane, the sac that surrounds babies in the womb, and are used to aid the regeneration and healing of the eye’s surface. Its first product, Omnigen, is already approved for treatment on the NHS and is used in hospitals and private clinics in the UK and overseas.
Omnigen may be applied in the operating theatre or, when used in combination with the company’s bespoke bandage contact lens, OmniLenz, in the outpatient department or clinic. This enables patients to benefit from amniotic membranes without having to undergo surgery and can enable treatment at an earlier stage in the development of their condition.
Omnigen is a dry, room-temperature stable product that rehydrates on contact with natural moisture from the eye.
NuVision was founded in 2015 by Dr Andy Hopkinson based on his research at the University of Nottingham. The latest funding round brings the total raised by the company to over £5m.
Andy Hill, CEO of NuVision, said: “We are delighted to receive further support from our existing investors. This investment round is an endorsement of our innovative new therapies for ocular care and our commitment to developing rapid and accessible treatment for ocular injury. The next stage of development is the scaling of our commercial and operational capabilities ahead of a planned Series A round in late 2023 or early 2024.”
Pioneer Group, which operates the MediCity Nottingham site where NuVision is based, has a long-standing collaboration with the company, having previously provided it with seed funding and tailored accelerator support.
Dr. Glenn Crocker, Executive Director of Venture Capital Investments at Pioneer Group, said: “Our follow-on investment in NuVision reflects the quality of the company and its steady growth journey. We have been impressed by its uniquely innovative approach to treating ocular surface disease in a natural way. We are also confident that NuVision’s effective solutions for regenerating and healing the eye surface have the potential to become real game-changers in ocular care.”
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