INSIDER MEDIA LIMITED – 10 MAY 2017
SIX-FIGURE INVESTMENT FOR OPTICAL PRODUCTS DEVELOPER
A Bristol optical products developer has secured a six-figure investment from Bristol Private Equity Club and the University of Bristol Enterprise Fund.
Azul Optics is developing an instrument that can help to identify individuals who may be at risk of a common eye condition that can cause blindness. The instrument was the idea of Dr Shelby Temple of the University of Bristol School of Biological Science.
The equity injection of £310,000 will provide seed funding for product development.
Bristol Private Equity Club, which is made up of 41 entrepreneurs, has provided £160,000 with the remaining £150,000 provided by the University of Bristol Enterprise Fund, which is managed by Parkwalk Advisors.
Azul Optics chief executive Joseph Cefai said: “Age related macular degeneration is the leading cause of incurable blindness in the Western World, affecting up to one in ten people over the age of 65.
“By screening for low macular pigment density, opticians can advise people to make lifestyle changes early that can help prevent the problem developing.
“Dr Temple invented, prototyped and clinically evaluated the screening device and our aim is to develop the instrument and make it commercially available to opticians. We hope that with this funding we can bring the device to the market within 18 months.”
Azul Optics previously secured a £500,000 non-repayable Innovate UK, Aid For Start Ups grant to get the business to its current level and this latest injection of equity will enable manufacturing, sales and marketing.
Article from https://www.insidermedia.com/insider/southwest/six-figure-investment-for-optical-products-developer?utm_source=southwest_newsletter&utm_campaign=southwest_news_tracker&utm_medium=deals_article 10th May 2017