ALBUQUERQUE, N.M.–(BUSINESS WIRE)–WaveFront Dynamics Inc. (WaveDyn™), an early stage ophthalmic medical device company, today announced the first close of a $3 million Series A financing round. The round was led by new investor Tramway Venture Partners LP and included investments from a Phoenix Venture Partners LP affiliate and an additional angel investor. In connection with the financing, Waneta Tuttle of Tramway Venture Partners and Frank Levinson of Phoenix Venture Partners will join WaveDyn’s Board of Directors. The funds will support continued development of its ophthalmic measurement device with dynamic wavefront technology and subsequent clinical studies.
“We’re excited to work along with the WaveDyn team. Their technology has the potential to bring unprecedented comfort and visual acuity for patients and lends itself to an attractive business model facilitated by a concentrated market access.”
Founder and CEO of WaveDyn, Dan Neal, PhD, is an optical scientist with the vision to develop novel methods to assess the visual performance of the human eye. The eye is continuously changing as it focuses on objects at various distances. WaveDyn is developing proprietary methods to measure changes of the eye dynamically, over a sequence in time, rather than a single snapshot. The company will leverage its dynamic wavefront measurement capabilities to create ophthalmic treatment solutions for patients with complex visual dysfunction.
“The dynamic wavefront guided treatment has the potential for improving the vision of hundreds of thousands of patients in the US alone,” said Neal. “We’re happy to partner with lead investor Tramway Venture Partners, along with Phoenix Venture Partners’ affiliate, who have well-earned reputations working with early-stage startups. We look forward to working with this team of investors, who bring years of business and technical experience in support of our new venture.”
“We are excited to add WaveDyn to the Tramway portfolio,” said Waneta Tuttle, Fund Manager for Tramway. “We were first attracted to the company by the experience of this talented team. We became increasingly interested in investing as we learned about the business plan and its approach to both diagnosing and correcting serious vision problems.”
“Dan and his team have already proven their ability to deliver ground-breaking ophthalmic instruments,” said Frank Levinson, General Partner for Phoenix Venture Partners and its affiliate. “We’re excited to work along with the WaveDyn team. Their technology has the potential to bring unprecedented comfort and visual acuity for patients and lends itself to an attractive business model facilitated by a concentrated market access.”
Founded in 2019, WaveDyn is a privately held, early-stage medical device company with innovative wavefront diagnostic technology for use in the vision care industry. The company plans to leverage the dynamic measurements to yield new insights into assessing visual performance, advancing treatment options, and improving quality of life for the visually impaired. For more information, please visit www.wavedyn.com.
About Tramway Venture Partners
Tramway Venture Partners is an early-stage venture fund investing in biotech, medtech, and healthtech. Typically, Tramway invests in the first institutional round after incubators and angel investors. The best fit with this strategy is a company led by an outstanding management team, that has a significant intellectual property position, clear go to market strategies, and a large addressable market. For more information, please visit www.tramwayventurepartners.com.
About Phoenix Venture Partners’ affiliate
Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough materials science innovations. PVP’s team has a track record of founding, building and investing in successful materials science start-ups. PVP’s affiliate focuses on high potential, early stage companies. For more information, please visit www.phoenix-vp.com.