Funding boosts Ocutec contact lens technology

Contact lens technology company Ocutec has been given a £1.46m capital investment, led by Deepbridge Technology Growth EIS fund.

Ocutec intends to use the new funding for recruitment, new equipment and product development of its patented technology enabling the manufacturing of contact lenses using polyethylene glycol rather than traditional silicone-hydrogel materials.

Deepbridge Technology will provide £1m, with £360,000 from Intuitive Investments Group and a separate £100,000 SMART grant for development projects.

Scott Carnegie, finance director at Ocutec, commented: ‘The contact lens market is ripe for disruption and we believe that our technology provides more comfortable and healthier products for lens wearers, while being easier to manufacture than traditional lenses.’