Cylite announces Series B funding led by Main Sequence Ventures
Cylite today announced the successful close of its Series B funding round led by leading Australian VC firm Main Sequence Ventures, manager of the CSIRO Innovation Fund, with participation from existing US and Australian investors.
The new funding leverages previous funding, and grants from the Australian government, to build additional manufacturing capacity for Cylite’s Hyperparallel OCT (HP-OCT) platform as well as extend its sales and support networks in Europe and the US. The investment will also support further R&D to provide new diagnostic capabilities for improved outcomes in anterior segment cataract and refractive surgery as well as enhanced screening, including wide-field retinal measurements.
“Main Sequence Ventures invests in companies which take strong core technology to global markets and the unique capabilities of Cylite’s HP-OCT platform perfectly fit our criteria” said Bill Bartee, Managing Partner at Main Sequence Ventures, who joins Cylite’s board as part of the funding. “We look for first-class founder teams and the Cylite management team have both the technical and sectoral knowledge required, together with the experience of building globally-successful companies from scratch.”
“Cylite’s HP- OCT provides a unique whole-eye capability for both imaging and biometry for Optometry and Ophthalmology markets” said Dr Steve Frisken, Cylite CEO. “The clarity of the extended-volume images, together with the unrivalled precision of the in-vivo measurements we can obtain, means that the HP-OCT will provide new momentum into the OCT instrumentation market.”
About Main Sequence Ventures
Main Sequence Ventures backs founders utilizing deep technology to build tomorrow’s industrial giants. Established to manage the CSIRO Innovation Fund, we support mission driven company builders applying Australian research to create significant value while making the world a better place.