Who will be the next Medtronic? What will be Minnesota's next breakthrough industry? James Walsh will provide the latest information and commentary on the people, companies and trends driving innovation in Minnesota. From visionary entrepreneurs to game changing technologies, this blog offers a window into the future of Minnesota's economy.

Medtronic backs lens start-up

Posted by: under Minnesota technology Updated: July 15, 2011 - 2:18 PM

A California company that is developing a new kind of lens for the eye closed on $24 million in financing by several backers, including Fridley-based Medtronic Inc.

PowerVision Inc., of Belmont, is developing an an intraocular lens, which is implanted in the eye. The idea is to restore the eye’s ability to adjust its focus.

The company will use the funds to expand its research and development efforts and for a clinical trial in Europe. None of its products are as-yet approved for sale.

Dr. Stephen Oesterle, Medtronic senior vice president of medicine and technology, will serve as an observer on the company’s board.

Other backers include Venrock, Advanced Technology Ventures, Frazier Healthcare Venures and Panorama Capital.

Janet Moore covers medical technology for the Star Tribune.
 

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