Eyoto plans for expansion after £2.5m investment
Author: Andrew McClean
Optical supplier Eyoto has received a £2.5m investment that will be used to develop existing product ranges and conduct research into new tele-optometry technologies.
The Birmingham-based manufacturer said the funding would allow it improve accessibility to eye care across the world through the development of new products.
Eyoto would also use the money to create new skilled jobs in Birmingham and globally to ensure it could conduct ‘intensive research and development.’
It added that it would now work toward the launch of its latest product, which would enable patients to undergo eye examinations remotely.
Carl Francis, CEO at Eyoto, said: ‘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.’
It received the funding from the Midlands Engine Investment Fund (MEIF), which is an equity finance fund managed by venture capital company Midven, and other investors such as Mercia Asset Management, the Future Fund and a group of angel investors.