Eyoto secures £2.5 million investment
The teleoptometry manufacturer plans to use the funding to support product research and development, with a current project working to enable remote services
Launched from an Aston University School of Optometry project, the company develops teleoptometry services and specialises in image processing, computer vision, eye-tracking, machine learning, artificial intelligence, and ophthalmic user interface design.
The investment will be used to develop Eyoto’s existing product ranges. This currently includes the eMap product range, which conducts rapid and detailed surface inspections of glasses for retailers and manufacturers.
Funds will also be used towards research into new technologies, the company said, that will allow for greater accessibility of eye care and practitioners around the world.
The firm is working towards the launch of a new product, which it suggests would enable patients to undergo eye examinations remotely, in a move the company expect will “revolutionise the industry.”
As well as supporting research and development, the investment will also enable the company to create new job opportunities.
Funding has been provided from the Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by the venture capital firm Midven, along with Mercia Asser Management, the Future Fund, and a group of angel investors.
Reflecting on the investment round, Eyoto’s CEO, Carl Francis, said: “We at Eyoto have all the ingredients to become a major force within the embryonic field of teloptometry.”
Roger Wood, Midven director and MEIF principal, commented on the long-standing relationship Midven has had with Eyoto. He added: “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.”