Aston University spin out company nets £5m investment
- Aston EyeTech will use funding to accelerate development of cutting-edge technology
- New products out in 2018 are “bold, game-changing and enhance way eye healthcare is delivered” globally
Aston EyeTech, a spin out company from Aston University, has netted a £5m cash injection to accelerate product development and help launch its latest eye diagnostics technology.
The new range – launching in 2018 – includes power mapping lens meters, binocular auto refractors, and a company cloud-connected mobile diagnostic platform that integrates portable hardware, Artificial Intelligence-driven software systems, and large scale data analytics.
Aston EyeTech is a hugely successful spin out company created by researchers from the Ophthalmic Research Group in Aston University’s Optometry Department, an international leader in optometry research and professional training.
The company achieved its first small seed investment in 2014 and has grown steadily from developer to equipment manufacturer to full technology solutions provider. The new funding includes £1.8m from specialist UK investment group Mercia Technologies PLC and funding from a major Asia-based investment syndicate.
Carl D Francis, Chief Executive of Aston EyeTech, said:
“With our cutting-edge technology, great team and supportive shareholders, Aston EyeTech has all the ingredients to seriously disrupt the $200bn worldwide eye healthcare industry. I find it personally very gratifying to see quality investors such as Mercia and our new Asian partners attracted to the awesome global opportunity we are developing.”
Emphasising the company’s ambitions, he added:
“This investment gives us the financial firepower to really transform the dynamics of the vision healthcare space. Our products coming out in 2018 will be bold, game-changing, and enhance the way that eye healthcare is delivered around the world.
“Everything we do is focused on delivering increased portability, wider accessibility, and lower cost across the industry.”
Peter Dines, Head of Life Sciences & Biosciences at Mercia Technologies PLC, said:
“Having worked closely with Aston EyeTech over the past three years, initially investing at seed stage, we have seen the business grow rapidly with an impressive team of talented individuals.
“We are pleased to continue to support the business as it joins our direct investment portfolio. This is another example of the high quality businesses that Mercia’s team has sourced both regionally and via our university partners. We firmly believe that Aston EyeTech has significant potential to disrupt a large and growing global market.”