Eyoto secures £2.5m in Series A follow-on funding led by Midven to expand product development
The Birmingham-based tele-optometry manufacturer has raised £2.5m from investors including Midven, Mercia Asset Management and the Future Fund.
Birmingham-based Eyoto manufactures tele-optometry equipment and develops image processing and artificial intelligence software for the optical sector.
Birmingham-based tele-optometry manufacturer Eyoto has secured £2.5m in a Series A follow-on funding round led by Midven through the Midlands Engine Investment Fund. Additional backing came from Mercia Asset Management, the Future Fund and a group of angel investors.
The company combines medical and technology expertise to create advanced optical health services, including its eMap product range for retailers and manufacturers, alongside upcoming remote eye examination tools. The fresh capital will be directed toward research and product development, as well as expanding the team in Birmingham and internationally.
Formed as a spinout from Aston University School of Optometry, Eyoto is led by an executive team comprising chief executive Carl Francis, chief technology officer Jonathan Dean and chief financial officer Bruce Casely.
From the founder
"We at Eyoto have all the ingredients to become a major force within the embryonic field of tele-optometry: a great team, a range of game-changing technologies and, as this funding round proves, supportive investors."
Carl Francis
CEO at Eyoto
Investor perspective
"Midven has a long standing relationship with Eyoto and has followed its product development progress closely over recent years. The opportunity to invest in the current round, and support an extremely experienced management team, coincides with a market environment which is extremely helpful for product launch with a pre-identified commercial partner."
Roger Wood
Director, Midven
Use of funds
- 01Fund research and development
- 02Continue product development
- 03Grow the team
