Cylite Announces Series B Funding Round led by Main Sequence Ventures
Cylite Pty Ltd, a developer of 3D imaging and measurement systems for Ophthalmology and Optometry announces the successful close of its Series B funding round led by leading Australian VC firm Main Sequence Ventures with participation from existing US and Australian investors.
The new funding leverages previous funding, and grants from the Australian government, to build additional manufacturing capacity for Cylite’s Hyperparallel OCT (HP-OCT) platform as well as extend its sales and support networks in Europe and the US. The investment will also support further R&D to provide new diagnostic capabilities for improved outcomes in anterior segment cataract and refractive surgery as well as enhanced screening, including wide-field retinal measurements.
“Main Sequence Ventures invests in companies which take strong core technology to global markets and the unique capabilities of Cylite’s HP-OCT platform perfectly fit our criteria” said Bill Bartee, Managing Partner at Main Sequence Ventures, who joins Cylite’s board as part of the funding. “We look for first-class founder teams and the Cylite management team have both the technical and sectoral knowledge required, together with the experience of building globally-successful companies from scratch.”
“Cylite’s HP- OCT provides a unique whole-eye capability for both imaging and biometry for Optometry and Ophthalmology markets” said Dr Steve Frisken, Cylite CEO. “The clarity of the extended-volume images, together with the unrivalled precision of the in-vivo measurements we can obtain, means that the HP-OCT will provide new momentum into the OCT instrumentation market.”
Cylite also announced the appointment of Dr Simon Poole AO as VP Business Development. Dr Poole brings over 25 years of global Business Development and company-building experience, acquired in a range of optics companies, both public and private.
Cylite will be demonstrating its’ Hyperparallel OCT system at the upcoming European Society for Cataract and Retinal Surgery Congress in Paris from 14 -17th September, Stand D114.