Aston EyeTech Limited, an Optometry startup that has developed a range of proprietary hardware and software products in ocular care, has raised $6 million in Series A funding.
Mercia’s investment of $2.3 million gives the Group a direct equity stake of 19.4%.
The Birmingham-based company intends to use the funds to accelerate product development and launch Aston EyeTech’s latest state-of-the-art product range its products.
With their cutting-edge technology, skilled team and now financial backing, Aston EyeTech has the ingredients needed to disrupt the $200 billion global eye health care industry by combining high-quality portable and digital eye tests with artificial intelligence-driven software platforms.
Prior to the direct investment, the UK company has been supported within Mercia’s managed funds portfolio through seed and its early stages of development.
“We are pleased to continue to support the business. Having worked closely with them over the past three years, we have seen the business grow rapidly with an impressive team of talented individuals. We firmly believe that Aston EyeTech has significant potential to disrupt a large and growing global market,” said Peter Dines, Head of Life Sciences & Biosciences at Mercia Technologies PLC in a released statement.
The four-year-old optometry startup is the commercialization spin-out from the UK’s top-ranked School of Optometry at Aston University, which has developed a range of products to support practicing optometrists.
Led by Carl Francis, CEO, Aston EyeTech is already generating revenue and has run projects in advanced, intelligent, diagnostic support software; portable, low cost, innovative instrumentation to assess eye health and to refract the eyes; and refinement and validation of eye tracking equipment to diagnose and manage visual fatigue.