Israeli multifocal lens developer Addon Optics has raised $12 million from AP Companions, which was the one investor to take part on this spherical. The corporate has beforehand raised $8 million from angels and funds Kli Capital, Rimonci Capital, Wilson Ave, and Sapir Enterprise Companions.
Primarily based in Kadima-Zoran, Addon Optics was based in 2016 by CEO Amir Erlichman and Haim Engler. The corporate has developed a know-how platform in collaboration with Prof. Yoel Arieli, head of the division of electro-optics engineering at Jerusalem’s Lev Tutorial Heart.
Addon Optics’ platform integrates an off-the-shelf single-focal lens with a proprietary versatile lens to create a high-quality progressive lens, utilizing a machine the dimensions of a 3D printer, requiring a low capital outlay.
Multifocal lenses appropriate a number of imaginative and prescient ranges – far, close to, and intermediate, eliminating shoppers’ wants to change eyeglasses for various makes use of. Multifocal lenses have turn into the default desire for everybody with eyesight points, significantly these older than 40. The worldwide marketplace for multifocal lenses is estimated at greater than $10 billion.
Addon Optics’ progressive manufacturing technique facilitates a less complicated lens distribution course of, lowers the general manufacturing prices, and considerably cuts supply instances. With these benefits, the corporate’s know-how may make multifocal lenses out there to nations and segments the place such lenses should not out there right this moment, and as well as make it extra accessible to on-line firms and offline distributors.
Addon plans to make use of the capital raised within the present spherical to start commercializing the know-how and establishing a distribution, advertising, and gross sales group. It should additionally leverage its infrastructure and provide chain to satisfy the demand from strategic companions. Addon has 20 workers and plans to recruit aggressively over the approaching yr to accommodate its international growth.
Erlichman mentioned, “Given the present price construction of manufacturing and distribution of multifocal eyeglasses, Addon Optics’ know-how platform can probably rework the lives of tens of millions with a extra reasonably priced progressive lens resolution. With Addon know-how, multifocal prescription eyewear will turn into accessible to numerous populations, drastically enhancing their high quality of life.” AP Companions associate Israel Shliser, who’s becoming a member of Addon Optics board, mentioned, “Addon Optics’ know-how gives a big leap in multifocal lens manufacturing with potential for implementation in different lens varieties afterward. As well as, the group at Addon contains a mix of executives and scientists able to leveraging Addon’s know-how, making it a world chief. Addon Optics is AP Companions’ ninth funding. We’re proud to turn into a part of an organization that would rework the worldwide lens trade with an answer for total populations that at present can’t afford multifocal lenses.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on January 9, 2022.
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