IbisVision, the Glasgow-based company that’s revolutionising optometry through its remote eye test technology, is embarking on a £5 million fund raise drive in the US this week led by Florida-based investment company Compiler VC. IbisVision is also seeking in parallel to extend its commercial footprint in what is the world’s largest eye-care market.
The programme will see Chief Executive Officer Mark Roger and Chief Commercial Officer Melville Berwick over a two-week period meet with investors with access to more than $25 billion of funding. The meetings will take place in both Florida and New York and the team will also be connecting with leading eye care providers and charities.
The fund raise is led and sponsored by Compiler which is led by Adam Wolman and Yannick Henriette. The Florida-based business was an original investor in IbisVision and among its portfolio specialises in healthcare and in particular eyecare – the firm which has many years of experience within the optical sector, previously developed and then sold For Eyes, a retail optician business with 150 locations across the US.
The capital raise is part of an ambitious plan to build out IbisVision’s capabilities outside of the UK, where it currently is working with the NHS and optometrists in developing its remote eye test technology. The company already sells its technology in India, where it is used in kiosks situated in the country’s transport network.
IbisVision is now focusing on adapting its products for the $37.5 billion US market, where there is an annual tally of 88 million eye tests in a rapidly ageing population that as a result is highly susceptible to visual defects. 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.
Commenting, CEO Mark 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. Our proposition is very much aligned with the trends that the US investment industry is focused on, as evidenced by the continuing support from Adam and Yannick at Compiler. 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.”
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IbisVision was founded in 2014 by a former eye surgeon Dr Blair Donaldson, an honorary consultant at Aberdeen Royal Infirmary and honorary senior lecturer at Aberdeen University. IbisVision’s purpose is to offer innovative eye technology that revolutionizes the customer journey, increases efficiency, and makes eye care more widely accessible. Providing multiple tests on a single cloud-based platform gives universal accessibility with a software as a service (SaaS) delivery model dramatically reducing capital expenditure. The IbisVision platform allows optical professionals to remotely examine eyes using a variety of tests including 24–2, Amsler Grid, Colour and Visual Acuity. This allows for clinicians to interact with and support their patients while they assess vision remotely as well as detecting conditions such as glaucoma, a serious ailment that can cause the loss of sight, all without any need for direct contact between the medical professional and patient. More information is available at: www.ibisvision.co.uk
About Compiler Venture Capital:
Compiler Venture Capital is a venture capital firm based in Miami and Washington DC. Compiler provides growth capital to diverse businesses that show promise in the sectors of health, science, and technology. Founded by General Partners Adam Wolman, Hossein Noshirvani, and Yannick Henriette, Compiler has had a successful track record of investing and building organizations. It has helped private companies attain their growth objectives by tapping into a set of resources, knowledge base, and network of relationships designed to help companies scale. More info available at: www.compiler.vc