GLASGOW-based IbisVision, which has developed technology enabling eye tests to be conducted remotely over the internet, has raised £4.5 million of growth funding as it seeks to ramp up its presence in the US and target the European Union.
A spokesman noted the company’s technology is currently used for patients in Scotland and England and that, in addition to the UK and US, India is IbisVision’s other main market at the moment.
Asked if the online tests included eye health, the spokesman replied: “This is not currently part of the online offering. IbisVision provides the opportunity for most of the patient journey to be completed online. However, the patient will be asked to visit their optometrist for a health check after all triage and online tests have been done remotely.”
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IbisVision plans to open offices across the US.
It said the funding would be used to increase its workforce from seven to 20, and it flagged plans to open an office in Fort Lauderdale in Florida.
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The company added that it aims to ramp up sales in the US, where it is estimated there are around 110 million eye tests annually, after receiving Food and Drug Administration listing in March.
It revealed that it is also looking to tap into the eyecare market of the 448 million citizens across the European Union.
IbisVision is already in discussions with a “significant number of well-known eyecare brands” to develop partnerships for its platform.
The firm said: “IbisVision’s refractive technology means optometrists can run standard eye tests over the internet and enable entire optical prescriptions to be conducted remotely. Remote technology is one of the fastest-growing health sectors as people look to fit appointments into busy schedules and attend appointments with specialists who may not necessarily be nearby. The Covid pandemic has also made patients comfortable with undergoing consultations and tests over visual links.”
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The funding round was led by Miami-based Compiler VC, led by Adam Wolman. Compiler VC has taken a controlling interest in IbisVision, the spokesman said, with the funding round also supported by fellow existing investors Deepbridge Capital and Scottish Enterprise.
IbisVision will be the centrepiece of a new investment fund that Compiler VC is establishing.
Compiler VC is an optical sector expert, having developed and sold the “For Eyes” retail optician business, which has 150 locations across the US.
IbisVision chief executive Mark Roger said: "The commitment of our investor base shows they believe strongly in our story — that eyecare will be at the vanguard of remote healthcare, and IbisVision has the technology to make this a reality.
"Our mission is simple – to make eyecare readily available for anyone on the planet and that distance and time will never be an impediment to getting to an eye appointment.”
Mr Wolman said: “Not only are we delighted to build on our investment relationship with IbisVision, we’re also very excited about their plans to expand and set up base in our home market in the US.
"We know the potential that this technology can bring to optometrists around the country and our expertise in the eyecare industry means that we can help IbisVision with its growth plans. But our ambitions for IbisVision extend well beyond the US and we believe the company's technology could become the global standard for remote eyecare examinations.”
Ben Carter, head of life sciences at Deepbridge, said: “The continued progress of IbisVision shows the UK healthtech industry can compete at the highest level. We are pleased to continue supporting this pioneering business whose technology has the potential to benefit patients globally.”
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