Paradigm Medical Industries Inc. said Wednesday it has completed a $1 million funding round through a group of institutional investors.

The group was led by NIR Group in New York.

The company provides glaucoma diagnostic and management services. It said a "significant" portion of the proceeds of the funding round will be used to fund the introduction, marketing and distribution of new ophthalmic instruments and systems the company plans to launch during the first half of this year.

The funding involves the purchase of $1 million in secured convertible notes by the investing group. Paradigm received the first $250,000 upon the signing of definitive agreements on Dec. 24.