Nottingham-headquartered NuVision, which offers a product that speeds up the healing of eye conditions, has picked up a £1.1 million investment. With this, the total raised by the company accounts for over £5 million.
The funding came from existing investors, including the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund that backed BlueSkeye AI, Mercia’s EIS funds, Pioneer Group (formerly the BioCity Group), the University of Nottingham and private investors.
The fresh investment will enable NuVision to accelerate the development of its first two products in advance of a Series A investment in the next 12 months.
“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 a rapid and accessible treatment for the 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,” said Andy Hill, CEO of NuVision.
Hannah Tapsell, Investment Manager at Mercia Asset Management, said: “NuVision’s unique cutting-edge biotherapy harnesses the benefits but in a format that makes it far more powerful and effective. Its product is already in hospitals in the UK and there is scope to expand its use to other conditions. The funding will enable NuVision to continue the good work and roll it out internationally so more patients can reap the benefits.”
Mark Wilcockson, Senior Manager at the British Business Bank, said: “The MEIF backs innovative businesses that create a positive impact in the Midlands region as a leader in their sectors. NuVision is the perfect example of how a university spin-out backed by investment can thrive to create a growing and sustainable business. We encourage other SMEs with similar business plans in the region to seek funding from the MEIF to scale up.”
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.”
Dr. Alice MacGowan, Life Science Executive, Nottingham Technology Ventures, said: “The science underpinning NuVision’s technology was developed at the University of Nottingham, and we are very proud to see the ongoing patient benefit stemming from that research. The University co-invested in the recent round, demonstrating its confidence in NuVision’s team, plans for scale, and, above all, the treatment approach.”
Helps the healing of the eye’s surface
NuVision was founded in 2015 by Dr. Andy Hopkinson based on his research at the University of Nottingham. Healthcare providers including the NHS use NuVision’s wound dressing to support the recovery of ophthalmic conditions and soft tissue damage in the eye. Its wound dressing and contact lenses use the inner layer of the placenta to heal eye injuries. Patients can also use the startup’s contact lens variant to avoid surgery if used in the early stages of the treatment.
Its first product, Omnigen, is already approved for treatment on the NHS and is used in hospitals and private clinics across 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. Notably, Omnigen is a dry, room-temperature stable product that rehydrates on contact with natural moisture from the eye.