LumiThera

What LumiThera does

LumiThera Inc. is a US-based medical device company founded in 2013 and headquartered near Seattle, Washington, that developed the Valeda Light Delivery System, a non-invasive photobiomodulation (PBM) device for treating dry age-related macular degeneration (AMD). The Valeda system uses specific wavelengths of light to stimulate mitochondrial activity in retinal cells and received FDA De Novo authorization in November 2024, creating a new regulatory category for PBM devices in ophthalmology, alongside prior CE Mark approval obtained in 2018. LumiThera expanded into an integrated theranostic platform through the acquisitions of Diopsys (visual electrophysiology, completed March 2022) and MacuLogix (AdaptDx Pro dark adaptometer, July 2022), enabling diagnosis, monitoring, and treatment of dry AMD within a single product ecosystem. Clinical evidence from the LIGHTSITE III trial demonstrated that 64% of treated patients showed improved visual acuity after two years of therapy, supporting the value proposition for ophthalmologists, retina specialists, and eye care clinics treating an addressable population of roughly 200 million dry AMD patients globally.

The company pursued a B2B enterprise field sales model, selling Valeda and its diagnostic devices as capital equipment to hospitals, eye clinics, and ophthalmology practices, supplemented by recurring revenue tied to per-patient photobiomodulation treatment sessions. Pricing was quote-based and not publicly disclosed, consistent with medical device norms. The company was funded through a Series C ($14M in 2020 led by WaterStart Capital, with Nikon and Keiretsu Capital), prior seed/Series A/B rounds (totaling roughly $7-10M across 2013-2017), a $5.5M debt facility in March 2022, and additional undisclosed amounts, bringing cumulative capital to approximately $38M+ through 2024. Leadership comprised co-founders Graham Merry, James Carroll, and Luis De Taboada, with Clark E. Tedford serving as President & CEO and Cindy Croissant as VP of Clinical Operations. The company was acquired by Alcon Inc., the Switzerland-based global eyecare company, in September 2025, integrating Valeda into Alcon's retinal treatment portfolio and leveraging Alcon's global commercial infrastructure to expand access to dry AMD light therapy.

Name

LumiThera

Legal name

LumiThera Inc.

Website

https://lumithera.com

Company type

Private

Founded year

2013

Operating status

Acquired

Headcount range

11–50 employees

Short description

LumiThera developed the Valeda Light Delivery System, a non-invasive photobiomodulation device for treating dry age-related macular degeneration. It served ophthalmologists, retina specialists, and eye care clinics, and was acquired by Alcon in September 2025.

Ownership category

akta.pro rank

Product category

Ophthalmic Medical Devices

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510), Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841), Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Cataract Surgery Systems & IOLs (Phaco Systems, IOLs, Intraoperative Aberrometry, Viscoelastics) (HLAHAJAH)

akta.pro secondary industry

Optoelectronic Components (LEDs, photodiodes, optocouplers, optical sensors) (IMAGAJAF)

Keywords

• Ophthalmic medical devices
• Photobiomodulation therapy
• Dry AMD treatment
• Ocular diagnostics
• Retinal light therapy

Headquarters

HQ city

Poulsbo

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Marketing or Sales, Personnel, Operations, Infrastructure

Revenue model

1. Medical Device Sales: LumiThera generates revenue through the sale of its medical devices including the Valeda Light Delivery System, AdaptDx Pro dark adaptometer, and visual electrophysiology devices to eye care professionals, hospitals, and clinics. The devices are sold as capital equipment to healthcare facilities that provide dry AMD treatment services.
2. Treatment Procedure Revenue: Healthcare providers pay for photobiomodulation treatment sessions using the Valeda system, creating an ongoing revenue stream tied to patient treatment volumes. Clinical trials demonstrated 64% of patients showed improved visual acuity after two years of treatment.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

LumiThera develops and sells the Valeda Light Delivery System, a non-invasive photobiomodulation (PBM) medical device that uses specific wavelengths of light to treat dry age-related macular degeneration (AMD). The company has expanded its offering into a theranostic platform by adding diagnostic devices (AdaptDx Pro dark adaptometer from MacuLogix) and visual electrophysiology devices (from Diopsys) for diagnosis and monitoring of ocular diseases. Products are sold as capital equipment to ophthalmologists, retina specialists, hospitals, and eye care clinics.

Product overview

LumiThera is a medical device company that developed an integrated eye care platform combining diagnosis, treatment, and monitoring technologies for ocular diseases, particularly dry age-related macular degeneration. The core product is the Valeda Light Delivery System, a photobiomodulation device for treating dry AMD. The company expanded through acquisitions to include the AdaptDx Pro dark adaptometer for diagnostic capabilities and Diopsys visual electrophysiology devices for monitoring. This theranostic approach enables comprehensive patient management across the dry AMD care continuum.

Differentiator

Problem solved

Functional benefit

Brands

• Valeda: Photobiomodulation (PBM) light delivery system for treating dry age-related macular degeneration
• AdaptDx Pro

Products and services

• Valeda Light Delivery System A non-invasive photobiomodulation (PBM) medical device that uses specific wavelengths of light to stimulate mitochondrial function in retinal cells, treating dry age-related macular degeneration (AMD). Received FDA De Novo authorization in November 2024 and CE Mark approval in 2018. Sold to ophthalmologists, retina specialists, hospitals, and eye care clinics as capital equipment.
• AdaptDx Pro Dark Adaptometer Diagnostic medical device specialized in measuring dark adaptation for early detection and diagnosis of dry age-related macular degeneration. Acquired by LumiThera from MacuLogix in July 2022 and integrated into LumiThera's theranostic platform. Sold to eye care professionals and clinics.
• Diopsys Visual Electrophysiology Devices Visual electrophysiology medical devices for diagnosis and monitoring of ocular diseases including dry AMD. Diopsys became a wholly-owned subsidiary of LumiThera following acquisition completion in March 2022. Devices measure electrical responses in the visual system.

Quantifiable outcome

• 64% of patients treated with Valeda demonstrated improved visual acuity after two years of treatment
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• AlconflagshipStrategic or Co-development Partner · 1 September 2025Alcon, the Geneva-headquartered global eyecare company, acquired LumiThera in September 2025 to expand its retinal treatment portfolio with the Valeda photobiomodulation device for dry AMD. The acquisition aims to leverage Alcon's global commercial and clinical expertise to broaden access to light therapy treatments for dry AMD patients.

Scale indicators6 records

Recent moves13 records

Expansion highlights5 records

Broad incumbents

• Bausch + Lomb: Bausch + Lomb is a major eyecare company offering dry AMD supplements (AREDS formulations) and other ophthalmic products. Comparable as a broad incumbent addressing the same dry AMD patient population with complementary (non-prescription) interventions.
• Topcon Healthcare: Topcon Healthcare provides ophthalmic diagnostic imaging and screening devices, including retinal imaging systems used for AMD diagnosis. Comparable as a broad incumbent in ophthalmic medical equipment serving the same clinical customer base.
• Nidek: Nidek is a Japanese ophthalmic device manufacturer offering diagnostic and laser systems for retinal disease management. Comparable as a broad incumbent providing ophthalmic equipment to the same specialist customer segment.
• Carl Zeiss Meditec: Carl Zeiss Meditec is a major ophthalmic medical technology company offering diagnostic imaging, surgical microscopy, and laser systems for retina and cataract applications. Comparable as a broad incumbent serving the same ophthalmologist and retina specialist customers with diagnostic and therapeutic equipment.

Direct peers

• Heidelberg Engineering: Heidelberg Engineering specializes in diagnostic imaging for retinal disease, including OCT and confocal laser systems. Comparable to LumiThera's diagnostic platform (AdaptDx Pro, Diopsys) for AMD diagnosis and monitoring.
• LENSAR: LENSAR develops laser cataract surgery systems and was acquired by Alcon alongside LumiThera in September 2025 (Alcon paid $356M for LENSAR). As a fellow Alcon-acquired ophthalmic device company with overlapping commercial channels to ophthalmologists, LENSAR is a directly comparable peer in transaction context and customer base.
• Iridex: Iridex manufactures ophthalmic laser systems for retinal diseases including age-related macular degeneration. Directly comparable as a laser/light-based therapy provider for retinal conditions, addressing the same ophthalmologist customer segment as LumiThera.
• Lumibird Medical (Ellex): Lumibird Medical (formerly Ellex) develops ophthalmic laser systems for retinal and glaucoma treatment. Comparable as a light/laser-based therapy provider addressing retinal specialists and ophthalmologists for ocular disease treatment.

Emerging players

• Apellis Pharmaceuticals: Apellis Pharmaceuticals developed Syfovre (pegcetacoplan), the first FDA-approved treatment for geographic atrophy secondary to dry AMD. Comparable as an emerging therapeutic competitor addressing the same dry AMD patient population that Valeda targets.
• Notal Vision: Notal Vision provides home-based monitoring technology for age-related macular degeneration, including the ForeseeHome AMD monitoring system. Comparable as an emerging player addressing AMD diagnosis and monitoring with adjacent technology to LumiThera's diagnostic platform.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lumithera-inc.

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LumiThera