Birmingham-based tele-optometry manufacturer Eyoto, has secured funding from the Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by venture capital firm Midven as part of a £2.5 million funding round.
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Other investors in the round included Mercia Asset Management, the Future Fund and a group of angel investors.
Launched in 2013, from an Aston University School of Optometry project, Eyoto combines its knowledge of the tech and medical sectors to develop tele-optometry services and specialises in image processing, computer vision, eye-tracking, machine learning, artificial intelligence and ophthalmic user interface design. The company has been involved in the ground-breaking development of technology that has transformed traditional optical health services.
Eyoto has already demonstrated success with its eMap product range which conducts surface inspections of glasses for retailers and manufacturers. The firm is now working towards the launch of its latest product which will enable patients to undergo eye examinations remotely.
The investment will be used to develop existing product ranges as well as research into new technologies to further broaden its offering, which will improve accessibility to eye-care across the world and allow for better availability of eye-care practitioners.
The funding will also allow the company to create new jobs in Birmingham and globally to ensure Eyoto has a team able to conduct the intensive research and development required to produce its products.
Carl Francis, Eyoto CEO, said: “We at Eyoto have all the ingredients to become a major force within the embryonic field of tele-optometry: a great team, a range of game-changing technologies and, as this funding round proves, supportive investors. We’re delighted to welcome Roger and the MEIF team as a new investor.”
Roger Wood, Midven director and MEIF principal, added: "Midven has a long-standing relationship with Eyoto and has followed its product development progress closely over recent years. The opportunity to invest in the current round, and support an extremely experienced management team, coincides with a market environment which is extremely helpful for product launch with a pre-identified commercial partner.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
