Aston EyeTech, a Birmingham-based tech startup developing solutions for ocular care, has raised £5 million in Series A funding from Mercia Technologies and an unnamed “Asian-based investment syndicate”.
Mercia invested £1.8 million in the round for a 19.4% stake in the company, which will use the funds for product development. The firm previously backed the startup at the seed stage.
Aston EyeTech, a spinout from Aston University’s School of Optometry, makes hardware and software, driven by artificial intelligence, for the eye care industry. According to the company, it has begun generating revenue (£500,000 for the year to March 2017).
“With our cutting-edge technology, skilled team and supportive shareholders, Aston EyeTech has all the ingredients needed to disrupt the $200 billion global eye health care industry,” said Carl Francis, CEO, in a statement. “It is personally gratifying to see high quality investors, such as Mercia and our new Asian partners, attracted to this significant opportunity.”