Aston University spin-out, Aston EyeTech Limited, has received £230,000 of investment from Mercia Fund Management.
Aston EyeTech, a spin-out from Aston's School of Optometry, has developed software that supports eye care professionals with diagnosis, selling optical products and conducting clinical trials. The new funding will be used to grow the company’s team and other resources required in its first year as the company builds and trials its initial product range.
The company is specifically targeting ophthalmic retailers in the UK and overseas, clinical trials organisations, domiciliary service providers and the NHS.
By ensuring that high professional standards are met and that medico-legal protection is strengthened, Aston EyeTech has been created to help eye care practitioners make more accurate and consistent diagnoses of eye conditions. The software will enable eye tests to be conducted more efficiently, with faster collation and analysis of results. It will also aid eye care professionals to provide a more informed personalisation of product recommendations, growing sales.
The deal involves Henley-in-Arden-based Mercia's first investment with a spin-out from Aston University, though it is already working with several other Midland universities on technology and biopharmaceutical technology businesses.
The partnership was facilitated by Aston’s Business Partnership Unit, which engages industry with the academic expertise available at Aston University.
Professor James Wolffsohn, Professor in Optometry and Deputy Executive Dean of Aston’s School of Life and Health Sciences, said: “We are delighted with this partnership between Eyetech and Mercia Fund Management and are now looking forward to growing the company and trialling our initial products. The new software uses mathematical techniques that have never been deployed in the field of ophthalmics, and is already being considered by a major player in the eye care sector who will host product trials and collaborate on development.”
Senior Investment Director at Mercia Fund Management, Tim Hazell, commented: “Mercia already has a strong track record of investing in university spin-outs and we are delighted to add an Aston University start-up to our portfolio. This investment will enable Aston EyeTech to make major steps in the commercialisation of its unique software in an established and highly receptive market. The company is yet another example of the high quality businesses that Mercia has backed with its university partners.”
For further media information, please contact Jaime Davies, Aston University Communications on firstname.lastname@example.org.