CorNeat Vision raises $4 million from Israeli-Chinese GIBF fund

Israel-based startup CorNeat Vision has raised $4 million from the Guangzhou Sino-Israel Biotech Investment Fund (GIBF). The money will be invested in CorNeat's Chinese subsidiary that has been set up in Guangzhou. The goal of the investment is to expand CorNeat's activity in the Chinese market, including clinical trials, setting up a manufacturing facility, and marketing the company's first two products.

CorNeat, founded in 2015 by Gilad Litvin and Almog Aley-Raz, develops a synthetic cornea that operates by inserting artificial optics under the membrane that covers the white of the eyes. Nanoscale chemical engineering is then used to stimulate cell growth and promote the implant's integration into the tissue. The procedure takes around 30 minutes, compared to routine cornea transplant surgeries that take around 1-2 hours.

There are over five million blind people in China suffering from cornea issues, but only 5,000-8,000 cornea transplant surgeries take place in the country annually.

GIBF was established in March 2016, focusing on life science investment. The Guangzhou Elim Biotech Industry Venture Capital Management Company, controlled by a group of prominent Israel professionals, manages the fund. The Guangzhou Industrial Investment Fund, Guangzhou Pharmaceuticals Company, Guangzhou International Bio-Island, and Guangzhou Hengyun Enterprises are all investors in the fund.