July 18, 2011

San Jose Business Journal

PowerVision raises $24M, adds Medtronic investor

PowerVision Inc. said Friday medical technology company Medtronic Inc.   Medtronic Inc. Latest from The Business Journals Survey: MBA students want to work at 3M, Target, other MN firmsMedtronic invests in eye-lens startupMedtronic ex-CEO Hawkins paid .6M in final year at helm Follow this company  joined the company as an investor, as it raised and closed a $24 million Series C round of funding.

Belmont-based PowerVision is a private company developing implantable intraocular lenses. The company thinks its technology has the potential to restore vision to millions of patients because of fluid inside its lens. The company's CEO is Barry Cheskin.

Palo Alto-based venture capital firm Venrock also participated in the funding, in addition to Minneapolis-based Medtronic (NYSE:MDT). The funds are expected to be used for research and development as well as clinical trials in Europe. Its products are not yet available for sale.

Additional investors included Palo Alto-based Advanced Technology Ventures   Advanced Technology Ventures Latest from The Business Journals PowerVision gets M, adds Medtronic investor Webcaster Qumu reaching for market sharePolyRemedy brings Netflix-like wound care approach to Mass. Follow this company  , Menlo Park-based Frazier Healthcare Ventures   Frazier Healthcare Ventures Latest from The Business Journals PowerVision gets M, adds Medtronic investor Yamada leaving Gates Foundation for Frazier VC postInsulin patch maker Calibra raises .1M Follow this company  and Menlo Park-based Panorama Capital   Panorama Capital Latest from The Business Journals PowerVision gets M, adds Medtronic investor LLCs helping investors reap benefits of biotechJiWire raises million for location-based ads Follow this company  .

In conjunction with the announcement, Dr. Stephen Oesterle, Medtronic's senior vice president, medicine and technology, is expected to join PowerVision's board of directors as an observer.