Israeli multifocal lens developer Addon Optics has raised $12 million from AP Partners, which was the only investor to participate in this round. The company has previously raised $8 million from angels and funds Kli Capital, Rimonci Capital, Wilson Ave, and Sapir Venture Partners.
Based in Kadima-Zoran, Addon Optics was founded in 2016 by CEO Amir Erlichman and Haim Engler. The company has developed a technology platform in collaboration with Prof. Yoel Arieli, head of the department of electro-optics engineering at Jerusalem's Lev Academic Center.
Addon Optics' platform integrates an off-the-shelf single-focal lens with a proprietary flexible lens to create a high-quality progressive lens, using a machine the size of a 3D printer, requiring a low capital outlay.
Multifocal lenses correct several vision ranges - far, near, and intermediate, eliminating consumers' needs to switch eyeglasses for different uses. Multifocal lenses have become the default preference for everyone with eyesight issues, particularly those older than 40. The global market for multifocal lenses is estimated at more than $10 billion.
Addon Optics' innovative production method facilitates a simpler lens distribution process, lowers the overall production costs, and significantly cuts delivery times. With these advantages, the company's technology could make multifocal lenses available to countries and segments where such lenses are not available today, and in addition make it more accessible to online companies and offline distributors.
Addon plans to use the capital raised in the current round to begin commercializing the technology and establishing a distribution, marketing, and sales organization. It will also leverage its infrastructure and supply chain to meet the demand from strategic partners. Addon has 20 employees and plans to recruit aggressively over the coming year to accommodate its global expansion.
Erlichman said, "Given the current cost structure of production and distribution of multifocal eyeglasses, Addon Optics' technology platform can potentially transform the lives of millions with a more affordable progressive lens solution. With Addon technology, multifocal prescription eyewear will become accessible to various populations, greatly enhancing their quality of life." AP Partners partner Israel Shliser, who is joining Addon Optics board, said, "Addon Optics' technology offers a significant leap in multifocal lens manufacturing with potential for implementation in other lens types later on. In addition, the team at Addon comprises a combination of executives and scientists capable of leveraging Addon's technology, making it a global leader. Addon Optics is AP Partners' ninth investment. We are proud to become part of a company that could transform the global lens industry with a solution for entire populations that currently cannot afford multifocal lenses."
Published by Globes, Israel business news - en.globes.co.il - on January 9, 2022.
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