The round was led by Novo Holdings A/S, and joined by Deerfield Management, Norwest Venture Partners, Platanus, MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co., Inc., and existing investor 4BIO Capital. The funding will advance multiple programs targeting blinding diseases of the eye through clinical development.

Ray Therapeutics is developing novel optogenetics gene therapies for patients with blinding diseases. The company is developing its lead candidate RTx-015 in retinitis pigmentosa, a degenerative retinal disease with significant unmet medical need. The company's mission is to use optogenetics to restore vision, independent of genetic mutation for patients with inherited retinal diseases.