UAVenture Capital Fund invests in automatic eyeglass prescription technology.
BANKING AND CREDIT NEWS-July 23, 2019-UAVenture Capital Fund invests in automatic eyeglass prescription technology
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UAVenture Capital Fund (UAVC), a Tucson-based venture capital fund dedicated to the University of Arizona commercialization of discovery products, technology and services, has announced its seventh portfolio investment and the second investment from Fund II, the company said.
The Fund has invested in iCrx, Inc. a Wyant College of Optical Sciences technology that will introduce a compact automatic phoropter utilizing laser technology designed to instantly determine a required eyewear prescription.
The phoropter is the common name for an ophthalmic testing device, also called a refractor, invented in 1921. It is still commonly used by eye care professionals during a prescription eye examination and contains different lenses used for refraction of the eye during sight testing. Such testing measures an individual's refractive error and determines his or her eyeglass prescription.
The new iCrx invention is a hand-held device that can produce an objective and accurate eyeglass prescription in approximately 20 seconds without any subjective input from the viewer.
The invested funds from UAVC will be utilized to further develop and miniaturize the technology into a commercial product to be used in kiosks and/or in rapid screening of large patient populations especially in developing countries that lack sufficient facilities and specialist doctors.
UAVenture Capital Fund II, LLC is a Tucson based investment fund designed specifically to help finance University of Arizona connected enterprises including the commercialization of faculty led innovations originating at the University of Arizona. The fund provides early stage capital to companies where the science or service array was pioneered by faculty members, students and/or colleagues at the University of Arizona, one of the top research universities in the world.
The University of Arizona College of Optical Sciences is one of the world's premier educational and research institutions in optics and photonics. Its focus is on educating outstanding students with a broad foundation in all areas of optics and on providing practical experience while developing highly competitive technical skills.
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