IbisVision pursues US expansion

The optometry company has launched a fund raising drive, aiming to adapt its remote technology for the US market

Pexels/Andrea Piacquadio

IbisVision has launched a £5 million capital raising drive as it seeks to extend its footprint in the US.

The company has developed remote platforms for optometry, and is currently working with the NHS and optometrists to develop its technology.

The drive to raise capital forms part of plans to build IbisVision’s capabilities outside of the UK.

The business aims to adapt its products for the $37.5 billion (£31.3 bn) US market, where it said, “with a widely dispersed population and a largely fragmented market of around 35,000 optometrists, there is increasing demand for the telemedicine that IbisVision specialises in.”

The US-focused fundraising is being led by the investment company, Compiler VC, an original investor in IbisVision. The investor specialises in healthcare and eye care, and previously developed and sold a retail optical business, For Eyes, with 150 locations across the US.

Chief executive officer of IbisVision, Mark Roger, and chief commercial officer, Melville Berwick, will meet with investors over a two-week period in New York and Florida, as well as connecting with eye care providers and charities.

Commenting on the move, Roger said: “While Glasgow born and bred, we have global ambitions, and you cannot be a global business without a significant footprint in the US.”

The CEO suggested IbisVision’s proposition is aligned with key trends that the US investment industry is focused on.

“With increased funding from US investors, we hope to tap our international potential with a key focus being the lucrative and expanding US eye care market itself,” Roger concluded.