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Local Tech Wire

MORRISVILLE, N.C. – , a startup focused on medical devices for diagnosis and treatment of eye disorders, has closed on $44.5 million in new venture financing.

The Series C round includes backing from three new investors:

• Essex Woodlands Health Ventures
• Investor Growth Capital
• General Catalyst

Previous investors De Novo Ventures, Spray Ventures and Quaker Bio Ventures also participated.

The privately held firm plans to use the funds to commercialize its devices that diagnose and help physicians treat dry eye.

“We are honored and gratified to be joined by this premier venture syndicate which allows TearScience to launch its products worldwide while delivering a significant breakthrough in treatment of chronic dry eye disease,” said Tim Willis, chief executive officer and co-founder of TearScience, in a statement. “This investment offers TearScience the financing and backing to maximize its business opportunity and allows the company to work in conjunction with ophthalmologists to deliver an integrated system to improve the lives of millions of patients afflicted with dry eye disease.”

TearScience is seeking U.S. Food and Drug Administration approval for its device. The company has already received certification for sales in Europe.

The company said it plans to have its devices on the market within the next year.

The funding round is the largest in the medical device space in the southeast this year.