Lentechs LLC, an Ohio State University spinoff, has secured $6 million in funding to further develop its bifocal and multifocal contact lenses. The company claims that these lenses perform on par with eyeglasses and outperform existing contact lenses. The funds will be used to finalize mass production methods and conduct additional clinical trials to compare the performance of Lentechs’ Apioc lens against multifocal lenses produced by four major eyecare companies. CEO Robin Sears stated that after these steps, the startup will likely seek another round of funding for its commercial launch.
Sears acknowledged the challenges posed by established market leaders, saying, “We understand wholeheartedly, the big companies will try to prevent us from gaining any market share. They will be formidable opponents in the marketplace – they have a long history of leadership.” However, he also emphasized the significant demand for these lenses among patients with presbyopia, highlighting the opportunity for Lentechs to make an impact in the contact lens industry.
For more details on this story, visit ColumbusBusinessFirst.com.
For the latest news, weather, sports, and streaming video, head to NBC4 WCMH-TV.