NuVision Biotherapies, a spin-out whose products speed up healing of eye conditions, has raised a further £4.8m in a funding round led by the Midlands Engine Investment Fund II through its appointed fund manager Mercia Ventures, and including the University of Nottingham and Pioneer Group.
NuVision’s products harness amniotic membrane, the tissue that surrounds babies in the womb, to support wound healing after surgery and manage conditions including ulcers, burns, glaucoma and infections.
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The company’s first product Omnigen was designed for use in operating theatres but the launch of OmniLenz, a specialised contact lens, allows the use of amniotic membrane without the need for surgeryand has extended the benefits to patients in opticians’ practices and outpatient clinics.
NuVision currently supplies over 160 NHS centres and private clinics in the UK, including Moorfields Eye Hospital, as well as clinics in 12 countries across Europe, Scandinavia and the Middle East.
Following a successful clinical trial, a combination of Omnigen and OmniLenz® is now being used to treat dry eye disease, a common but debilitating condition. The funding will help the Nottingham-based company to meet growing demand by scaling up the business and enter more international markets.
NuVision was founded in 2015 by Dr Andy Hopkinson based on his research at the University of Nottingham. The company sources amniotic tissue donated by women having elective Caesarean procedures at a number of hospitals and manufactures at its plant in Nottingham. Its unique process helps to preserve the tissue’s healing properties while creating products that can be stored at room temperature for long periods.
Noel Waters, COO of NuVision, said: “This round of funding will enable the proven benefits of treatment with amniotic membrane to be made available to those patients with damage to their eyes caused by traumatic injury or following eye surgery and transform the lives of people living with chronic eye conditions like dry eye disease. Our goal is to see treatment using our products become a global standard of care in ophthalmology and optometry.”
Mercia Ventures and the Midlands Engine Investment Fund II have backed NuVision since its inception and provided successive rounds of funding in 2023 and 2024.
David Tindall, Senior Investment Manager at the British Business Bank, said: “The Midlands Engine Investment Fund II was established to back innovative businesses and industry leaders that create a positive impact in the region. Seeing NuVision return to secure more funding after its successes is a testament to what the Fund stands for. This latest investment will support the business to accommodate growing demand for its products and enter new markets.”
Hannah Tapsell Chapman of Mercia Ventures added: “NuVision has made huge strides forward over the past few years. From selling solely into surgical units, it now supplies locations ranging from hospitals to high street optometrists. The team has shipped over 15,000 treatments and expanded to multiple markets across Europe and the Middle East. This latest funding will enable it to continuing building momentum and scale up manufacturing.”
Shakespeare Martineau provided legal advice to Mercia Ventures.
The £400m Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
