Azalea Vision, a Belgian health tech firm, has made a significant breakthrough in its quest to revolutionise eye care. The company has secured up to €7.5 million from the European Innovation Council (EIC) Accelerator programme, which will propel its pioneering smart contact lens platform into crucial clinical development.
The funding package includes a non-dilutive grant of €2.5 million, allowing Azalea Vision to retain control over its shares without having to sacrifice equity. The remaining €5 million is an equity investment from the EIC Fund, demonstrating the council's confidence in the company's technological prowess and market potential.
Azalea Vision's smart contact lens platform aims to improve the lives of millions with vision impairments, including irregular corneas, higher-order aberrations, and presbyopia. But what's particularly exciting is its potential as a biosensing platform capable of detecting biomarkers in tears, which are a reliable indicator of various health conditions.
The EIC Accelerator programme is notoriously tough to crack, with fewer than 5% of applicants making the cut. Azalea Vision's success signals that the EIC has faith in its ability to bring this innovative technology to market and make a real difference in people's lives.
With core functionality already established and technical validation nearing completion, this funding will primarily support clinical trials and final engineering to ensure the platform meets strict medical standards. The company is now working with investors across Europe and the US to secure further co-investment opportunities.