MENLO PARK, Calif.—Sight Sciences Inc., a growth-stage medical device company transforming two of the fastest-growing segments in ophthalmology and optometry (glaucoma and dry eye disease), announced the closing of a $30 million-plus Series E preferred stock financing round led by D1 Capital Partners.  The proceeds will be used for continued clinical and operational development and to support commercial expansion for Sight Sciences' OMNI and TearCare products, according to the announcement this week. "We are extremely excited to partner with D1 over the long term,” Sight Sciences founder and chief executive officer Paul Badawi said.

"This investment further validates the substantial progress we have made in our mission to transform the treatment of the world's most prevalent eye diseases. Through further clinical trials and continued scale-up of our commercial infrastructure, we are looking forward to accelerating the market development of both standalone MIGS with OMNI and procedure-based dry eye therapy with TearCare.”

The TearCare system is indicated for the application of localized heat when the current medical community recommends the application of a warm compress to the eyelids. Such applications would include Meibomian Gland Dysfunction (MGD), dry eye or blepharitis.

The OMNI surgical system is a manually operated device for delivery of small amounts of viscoelastic fluid, for example Healon or HealonGV from Abbott Medical Optics, during ophthalmic surgery.

“Sight Sciences has introduced two technologies that have fundamentally improved how physicians can treat two of the most prevalent eye diseases,” said James Rogers, an analyst at D1 Capital Partners. “In minimally invasive glaucoma surgery the safety, efficacy and versatility of the OMNI device is unmatched. Additionally, we feel the early success with the commercialization of TearCare suggests this innovative and effective solution has addressed the shortfalls of previous dry eye treatments and modalities for this common ailment."

Founded by hedge fund manager Daniel Sundheim in 2018, D1 Capital has $10 billion of capital under management and invests in the technology, telecom, media, consumer and health care, among other sectors. Sundheim is perhaps best known for his stock-picking prowess at Viking Global Investors, a hedge fund where he helped oversee $32 billion in assets.