Aston EyeTech, a life sciences spin-out of Aston University, has raised £230,000 ($380,000) from Mercia Fund Management. It is the first time that Mercia invests in a spin-out from that institution.
Spun out of the university’s School of Optometry, Aston EyeTech is commercialising software that helps optometrists with diagnosis, the sale of optical products and conducting clinical trials. Its target markets range from optical retailers and clinical trial organisations to the NHS.
The investment will go towards expanding the spin-out’s staff as well as advancing the building and trialling of the company’s initial product range.
Paul Blackburn, executive chairman at Aston EyeTech, said: “The Mercia team has been excellent at pulling together phase one financing and in dealing with the complexities of the university’s involvement as a founder shareholder, including their licensing of intellectual property.”
Tim Hazell, senior investment director at Mercia Fund Management, added: “Mercia already has a strong track record of investing in university spin-outs and we are delighted to add an Aston University start-up to our portfolio. This investment will enable Aston EyeTech to make major steps in the commercialisation of its unique software in an established and highly receptive market. The company is yet another example of the high quality businesses that Mercia has backed with its university partners.”
