The company received series B preferred stock funding under the round led by Visionary Ventures Fund and Bluestem Capital.

TFI’s iLux system can be used for the treatment of evaporative dry eye and related syndromes such as meibomian gland dysfunction (MGD).

Tear Film Innovations CEO Rob Thornhill said: “This successful funding round completes the capitalization for our growth strategy. We are currently making key hires to meet the significant market demand for our iLux system.

“We appreciate the ongoing support from Visionary Ventures, the significant investment by Bluestem Capital and the continued participation of our early investors.”

In December 2017, TFI secured 510(k) clearance from the US Food and Drug Administration for the iLux evaporative dry eye system.

The system allows eye care professionals to offer targeted therapy to blocked meibomian glands through an in-office treatment.

TFI first unveiled the dry eye therapy to ophthalmologists at this year’s annual meeting of the American Society for Cataract and Refractive Surgery in April.

The company has also exhibited evaporative dry eye system to optometrists at this year’s Vision Source Exchange.

Visionary Ventures Fund managing partner Jeffry Weinhuff said: “We continue to see the value in TFI and fully support the company’s leadership team in bringing this important dry eye treatment option to the eye care market.”

Visionary Ventures Fund is an ophthalmology-focused venture capital firm, which invests across all aspects of the eye.

Based in Orange County of California, the fund collaborates with ophthalmologists and investors to make later-stage investments in devices and pharmaceuticals in the $40bn global ophthalmology industry.

Bluestem Capital, which is having more than 75 years of collective experience, is a private equity and venture capital firm with 26 portfolio companies.