California-based startup PowerVision announced Friday that Medtronic (NYSE: MDT) has become a strategic investor in a $24.7 million funding round that included other investors.

As a result of the investment, Medtronic's Dr. Stephen Oesterle, senior vice president of medicine and technology at Medtronic, will serve as an observer on the board of PowerVision, an ophthalmology company.

PowerVision is developing an "accommodating intraocular lens" that aims to restore a person's ability to adjust focus to see things far and nearby and everything in between. The technology is designed to mimic a normal, functioning lens.

"As the population ages, addressing patient needs in ophthalmology will continue to be extremely important," Oesterle said in a news release. "We're excited to be involved in this novel technology."

Other investors were Venrock, Advanced Technology Ventures, Frazier Healthcare Ventures, and Panorama Capital.

The Motley Fool owns shares of Medtronic. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.