FOR IMMEDIATE RELEASE
Ballerup, Denmark and Redwood City, CA, USA – October 25, 2021 – Norlase, the laser med-tech company based in Copenhagen, Denmark and Redwood City, California, has closed $10.6 million in Series B funding through the London-based venture capital firm West Hill Capital. The round puts the company’s valuation north of $ 60 million.
Norlase has developed two revolutionary laser-based devices for treating common eye diseases, including diabetic eye disease, glaucoma and AMD. Based on a new generation of laser technology, the devices are less than 1/10 the size of competing products and include industry-first innovations such as battery-power, a wireless tablet user interface and voice-control.
Despite having launched its products during the COVID-19 pandemic, the company is seeing massive growth on the all-important US market. “After our successful launch last year, things have really taken off in 2021,” says CEO and co-founder Oliver Hvidt. “This year, we are on track to achieve over 600% year-over-year growth.”
What is even more important than the number of new customers, according to Mr. Hvidt, is the type of customers that have adopted their technology: “We have successfully targeted the most influential institutions in the industry. Already today, most of the top 10 eye-hospitals in the US have adopted our technology, which we believe is a record pace for a new high-tech device in ophthalmology. It’s amazing to see so many of the world’s leading retina specialists advocating for our technology and sharing stories of how their patient flow has been improved fundamentally.”
Norlase states that the new funding will be put to use on four fronts. Firstly, the company will strengthen its presence on the US market, to handle the growing demand among both large hospitals and smaller practices. Secondly, the company will increase focus on its roll-out in major European countries. Thirdly, Norlase will continue to expand its production facilities in the Copenhagen region of Denmark, to keep up with the rapid sales increase. Finally, Norlase will continue to invest in its R&D pipeline and is racing to launch a major new product already in 2022.
West Hill Capital are also pleased with the company’s current trajectory. “We were very excited to work with Norlase on their latest round,” says Managing Partner Robert Caie. “Though it’s still early days, the company is on the path to becoming a leader in the medical laser industry. Their technical team is probably the strongest in the field and their products are considerably ahead of the competition. Their customer base already includes many of the leading names in ophthalmology and they are now in a high-growth phase, which we are happy to support. We are delighted to be with them on their journey and have high hopes for the business over the coming months and years.”
FOR IMMEDIATE RELEASE
Ballerup, Denmark and Redwood City, CA, USA – October 25, 2021 – Norlase, the laser med-tech company based in Copenhagen, Denmark and Redwood City, California, has closed $10.6 million in Series B funding through the London-based venture capital firm West Hill Capital. The round puts the company’s valuation north of $ 60 million.
Norlase has developed two revolutionary laser-based devices for treating common eye diseases, including diabetic eye disease, glaucoma and AMD. Based on a new generation of laser technology, the devices are less than 1/10 the size of competing products and include industry-first innovations such as battery-power, a wireless tablet user interface and voice-control.
Despite having launched its products during the COVID-19 pandemic, the company is seeing massive growth on the all-important US market. “After our successful launch last year, things have really taken off in 2021,” says CEO and co-founder Oliver Hvidt. “This year, we are on track to achieve over 600% year-over-year growth.”
What is even more important than the number of new customers, according to Mr. Hvidt, is the type of customers that have adopted their technology: “We have successfully targeted the most influential institutions in the industry. Already today, most of the top 10 eye-hospitals in the US have adopted our technology, which we believe is a record pace for a new high-tech device in ophthalmology. It’s amazing to see so many of the world’s leading retina specialists advocating for our technology and sharing stories of how their patient flow has been improved fundamentally.”
Norlase states that the new funding will be put to use on four fronts. Firstly, the company will strengthen its presence on the US market, to handle the growing demand among both large hospitals and smaller practices. Secondly, the company will increase focus on its roll-out in major European countries. Thirdly, Norlase will continue to expand its production facilities in the Copenhagen region of Denmark, to keep up with the rapid sales increase. Finally, Norlase will continue to invest in its R&D pipeline and is racing to launch a major new product already in 2022.
West Hill Capital are also pleased with the company’s current trajectory. “We were very excited to work with Norlase on their latest round,” says Managing Partner Robert Caie. “Though it’s still early days, the company is on the path to becoming a leader in the medical laser industry. Their technical team is probably the strongest in the field and their products are considerably ahead of the competition. Their customer base already includes many of the leading names in ophthalmology and they are now in a high-growth phase, which we are happy to support. We are delighted to be with them on their journey and have high hopes for the business over the coming months and years.”
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