NuVision Biotherapies, the Nottingham-based eye care spin-out, has raised £4.8m in a funding round led by the Midlands Engine Investment Fund II through fund manager Mercia Ventures.
The round also included investment from the University of Nottingham and Pioneer Group. Mercia Ventures and the Midlands Engine Investment Fund II have backed the business since its inception, providing earlier funding rounds in 2023 and 2024.
NuVision develops products that use amniotic membrane tissue to support wound healing following eye surgery and to treat conditions including ulcers, burns, glaucoma and infections. The tissue is sourced from women undergoing elective Caesarean procedures and processed at the company’s Nottingham manufacturing facility.
The company’s first product, Omnigen, was designed for use in operating theatres. A later product, OmniLenz, a specialist contact lens, allows amniotic membrane to be used without surgery, extending treatment into opticians’ practices and outpatient clinics.
NuVision now supplies more than 160 NHS centres and private clinics across 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. The latest funding will be used to scale the business, increase manufacturing capacity and support expansion into further international markets.
The company was founded in 2015 by Dr Andy Hopkinson, based on research carried out at the University of Nottingham. Its proprietary process preserves the healing properties of amniotic tissue while allowing products to be stored at room temperature for extended periods.
Noel Waters, Chief Operating Officer at 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. Our goal is to see treatment using our products become a global standard of care in ophthalmology and optometry.”
David Tindall, senior investment manager at the British Business Bank, said the investment reflected the fund’s purpose. “Seeing NuVision return to secure more funding after its successes is a testament to what the fund stands for,” he said.
Hannah Tapsell Chapman of Mercia Ventures said the business had made significant progress in recent years, adding: “This latest funding will enable it to continue building momentum and scale up manufacturing.”
Shakespeare Martineau advised Mercia Ventures on the deal.