Belgian HealthTech innovator Azalea Vision has raised 9 million euros in the first closing of its 15 million euros Series A round, drawing continued support from existing investors and welcoming new strategic backers.
The funding will accelerate clinical development of its intelligent ocular technology and prepare for U.S. FDA engagement. The round was bolstered by investments from SPRIM Global Investments, Afrimobility, and an undisclosed strategic investor.
In parallel, Azalea has appointed seasoned ophthalmic executive Robert J. Dempsey as Chairman of the Board. Dempsey, known for leading Shire’s 1 billion dollars ophthalmic division and launching Xiidra, brings M&A pedigree and transatlantic market insight – an appointment likely to catch the attention of PE firms and growth-focused investors watching the medtech space.
Azalea, a 2021 spin-off from imec and Ghent University, is building the first medical-grade smart lens platform capable of real-time sensing, adaptation, and wireless connectivity. Backed by imec.xpand, Elaia Partners, Sensinnovat, and Shigeru, the company aims to revolutionize ocular care from vision correction to remote diagnostics.
Proceeds from the round will fund Azalea’s first-in-human (FIH) clinical trial and support regulatory milestones including an IDE submission to the FDA – key steps toward commercial scaling.
For private equity and M&A professionals in Belgium, this transaction signals growing investor appetite for deep-tech and medical device innovation with scalable, cross-border potential. With clinical validation on the horizon and a commercial strategy in motion, Azalea Vision could soon emerge as a high-value target in connected health.
