MEMPHIS, TN, Leading provider of pediatric vision screening equipment and services, today announced it raised $4.0 million in a Series B funding round led by MB Venture Partners.
iScreen Vision, Inc. (www.iscreenvision.com), a leading provider of pediatric vision screening equipment and services, today announced it raised $4.0 million in a Series B funding round led by MB Venture Partners.
The latest round raised $2.5 million in new money and converted $1.5 million of debt into Series B shares for a total round of $4.0 million. Investors in the round included MB Venture Partners, a new investor in iScreen Vision; Innova, who led the company's Series A round and was a significant participant in the Series B round; and other new and existing private investors.
iScreen Vision had record sales in the first nine months of 2013 as an increasing number of pediatricians and commercial payers recognized the importance of instrument-based pediatric vision screening in identifying vision abnormalities earlier than traditional screening methods with an eye chart.
'Our triple-digit growth rate in sales in 2013 shows that pediatricians are responding very positively to the company's affordable entry costs, ease of use, electronic records storage, local sales and support, and analysis by trained technicians,' said Buck Brown, CEO of iScreen Vision. 'An increasing number of pediatricians recognize the need for earlier detection of childhood vision problems, including the most serious ones that are risk factors for amblyopia, the leading cause of vision loss in children.'
Gary Stevenson, co-founder and managing partner of MB Venture Partners, joined iScreen Vision's Board of Directors. The firm has been an investor in medical device and other life sciences companies since its founding in 2001. 'iScreen Vision is well positioned to capture a significant share of the pediatric vision screening market with its patented cloud-based system,' Mr. Stevenson said. 'We believe the company has outstanding growth prospects.'
'iScreen Vision's solutions meet a pressing marketplace need for new and innovative vision screening solutions for children,' said Jan Bouten, a member of iScreen Vision's Board of Directors and a partner at Innova. We are pleased with iScreen Vision's progress to date and are excited to continue supporting its growth.'
The investments from MB Ventures Partners and Innova were both from funds formed under the Tennessee Small Business Company Investment Credit Act (TNInvestco).
Proceeds from the latest financing will be used primarily to expand iScreen Vision's sales presence domestically; to launch the company's international sales efforts; to ramp up production to keep up with rising demand from pediatricians and non-profit vision screening programs; and to increase research and development to continue to enhance the company's products and services.
About iScreen Vision
iScreen Vision is a leading provider of pediatric vision screening equipment and services. iScreen Vision utilizes digital photoscreening technology. Its system includes cloud-based transmission, analysis and storage of images for easy integration with physician Electronic Medical Records (EMR) systems. iScreen Vision allows physicians and other medical professionals to screen for vision problems, including risk factors for amblyopia, in children as young as 1. The screener is as easy to operate as a digital camera, is non-invasive and requires minimal cooperation from the child. iScreen Vision received clearance from the FDA to begin marketing its pediatric device in 2011 under Section 510(k) of the Food, Drug and Cosmetic Act. Instrument-based vision screening for pediatric patients is reimbursed by many commercial payers under CPT Code 99174.
About MB Venture Partners
MB Venture Partners is a Memphis-based venture capital firm that provides venture capital and strategic direction to life sciences companies. The firm invests in medical device and biotech companies at various stages of development and is especially interested in product solutions for musculoskeletal disease. The firm manages funds totaling more than $110 million in committed capital and has invested in nearly 40 start-ups. Visit www.mbventures.com
for more information.
Innova is a Memphis-based pre-seed, seed and early-stage investor focused on starting and funding high-growth companies in the biosciences, technology and agbio fields across the state of Tennessee. Through its relationship with the Memphis Bioworks Foundation, Innova provides entrepreneurs with access to incubator facilities, training and mentoring, industry networks and seasoned executives. Visit www.innovamemphis.com for more information about the firm.
The Tennessee Small Business Company Investment Credit Act (TNInvestco), allocated $200 million dollars in tax credits to a cross section of venture capital funds with broad experience in developing new companies in Tennessee. The program was designed to increase the flow of capital to high-growth, transformational businesses in Tennessee. The goals of TNInvestco are to develop Tennessee's entrepreneurial infrastructure, bring additional capital into the state, diversify the state's economy and create 'anchors,' or 'clusters,' of business innovation that result in the creation or spin off of new companies and the attraction of new talent to Tennessee.
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