Memphis-based iScreen Vision Inc. has raised $4 million in a series B funding round that will be led by MB Venture Partners.
iScreen Vision provides pediatric vision screening equipment and services for pediatricians that help identify vision problems in children. The company’s products can detect vision problems earlier than traditional eye charts.
The company utilizes digital photoscreening technology and cloud technology to analyze and store images that can easily be integrated with electronic medical records systems. The company’s technology can detect amblyopia, or lazy eye, in 1-year-old children. The company’s product received clearance from the U.S. Food & Drug Administration in 2011.
“An increasing number of pediatricians recognize the need for earlier detection of childhood vision problems, including the most serious ones that are risk factors for amblyopia, the leading cause of vision loss in children,” Buck Brown, CEO of iScreen Vision, said in a statement.
The funding includes $2.5 million in new funding, and it converts $1.5 million in debt to series B shares. Memphis-based Innova led the company’s Series A round and participated in the Series B round with a group of private investors.
Jan Bouton, a partner at Innova and a member of iScreen Vision’s board of directors, said the company is progressing at an impressive rate as more pediatricians are becoming aware of the products.
Gary Stevenson, co-founder and managing partner of MB Venture Partners, also joined the company’s board of directors.
“iScreen Vision is well positioned to capture a significant share of the pediatric vision screening market with its patented cloud-based system,” Stevenson said in a statement. “We believe the company has outstanding growth prospects.”