Israel-based medical device company Belkin Vision announced its acceptance of €17.5M of blended financing in grants and equity from the European Innovation Council Accelerator (EIC). The company’s innovative glaucoma laser is in clinical trial final stages across the UK and Europe, and if approved, it would be the first and only contactless laser treatment for glaucoma, according to the company.

Of the more than 2,000 companies that applied for funding this round, 99 were chosen to receive a portion of the €627M total in available EIC funds. The money is awarded based on EIC criteria for excellence, impact, and risk level.

The company has also raised $19M from investors to add to their EU Horizon 2020 funding, which helped Belkin achieve critical milestones, such as completing its multicenter clinical trial, results of which will be released in 2022. These funds will help initiate commercialization and scale up the company at a significantly higher rate, bringing accessible laser glaucoma care first to Europe, then to the rest of the world, the release stated.

Belkin's technology is noncontact, automated, and simple for ophthalmologists to administer. It is anticipated to have a substantial health economic impact, allowing for greater access to high-quality glaucoma treatment.