Aston EyeTech secures £5 million investment for eye technologyLast updated on: November 17, 2017, Author: Editorial Team
Aston EyeTech, an Aston University spin-out has secured £5m funding, with specialist tech investor Mercia Technologies contributing £1.8m to the investment round.
Mercia’s investment gives the group a direct equity stake of 19.4 per cent in Aston EyeTech. It awarded the funding alongside an Asian-based investment syndicate.
The cash will be used to accelerate product development and launch Aston EyeTech’s latest range. The company has developed a range of proprietary hardware and software products in ocular care.
Carl Francis, chief executive of Aston EyeTech, said: “With our cutting-edge technology, skilled team and supportive shareholders, Aston EyeTech has all the ingredients needed to disrupt the $200bn global eye health care industry.
“It is personally gratifying to see high quality investors, such as Mercia and our new Asian partners, attracted to this significant opportunity.”
Peter Dines, head of life sciences and biosciences at Mercia Technologies, added: “Having worked closely with the Aston EyeTech over the past three years, initially investing at seed stage from our managed funds and providing commercial and strategic guidance as a board member, we have seen the business grow rapidly with an impressive team of talented individuals.
“We are pleased to continue to support the business as it joins our direct investment portfolio.
“This is another example of the high quality businesses that Mercia’s team has sourced both regionally and via our university partners.
“We firmly believe that Aston EyeTech has significant potential to disrupt a large and growing global market.”