Azalea Vision, a pioneering health technology company specializing in innovative sight solutions, has successfully closed the first phase of its Series A funding round, securing €9 million out of a total target of €15 million. As part of this significant milestone, Robert J. Dempsey, a veteran executive with over three decades of experience in the eyecare industry, has been appointed Chairman of the Board. Dempsey’s extensive background includes holding leadership positions such as CEO, Chairman, and Board Advisor across multiple companies, where he has consistently demonstrated his ability to drive strategic transactions and foster growth.
Dempsey’s impressive track record includes leading the development of Shire’s ophthalmic business, which became a global leader under his stewardship. One of his most notable achievements was overseeing the launch of Xiidra, a deal that stood out as one of only three ophthalmic transactions in the past twenty years with an upfront value exceeding $1 billion. His expertise spans both anterior and posterior segments of the eye, positioning him as a strategic expert in advancing ophthalmic innovation.
Funding Allocation and Future Plans
The funds raised during the Series A round will be instrumental in supporting Azalea Vision’s first-in-human (FIH) pilot clinical trial. This trial is a critical step towards establishing the safety and efficacy of the company’s medically intelligent ocular technology platform. The primary objectives include obtaining Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA), progressing with the clinical trials, and enhancing commercialization efforts.
Key Stakeholder Insights
“Strong participation from repeat investors in this Series A milestone reaffirms their trust in our medical device and innovation for the future of intelligent ocular health.” – Enrique Vega, CEO of Azalea Vision
“I believe a future where vision is intelligent, connected, and effortlessly adaptive is among the most exciting frontiers in eyecare medical device innovation today.” – Robert J. Dempsey, Chairman of the Board
The additional funding in this round was contributed by new investors SPRIM Global Investments and Afrimobility, alongside a strategic investor who chose to remain undisclosed. Their involvement underscores the confidence in Azalea Vision’s innovative platform and its potential to transform the eyecare industry.
With Dempsey at the helm as Chairman, Azalea Vision is poised to leverage his deep domain expertise and industry connections to navigate its next phase of growth. The company’s commitment to revolutionizing ocular health through intelligent technology is set to make significant strides with the support of its investors and leadership team.
