Tech firm Eyoto secures £2.5m in new funding

A tech firm which specialises in optometry services is aiming to develop new software which will enable remote eye tests after securing £2.5 million in new funding.

Eyoto, which is based at tech campus Innovation Birmingham, produces a range of software services such as image processing, computer vision, eye-tracking, machine learning and artificial intelligence.

Launched in 2013 as a spinout from Aston University’s school of optometry, it has now agreed a fresh round of funding from the Midlands Engine Investment Fund, Mercia Asset Management,  the Future Fund and a group of private investors.

The firm is working towards the launch of its latest product which will enable patients to undergo eye examinations remotely.

Eyoto said it hoped the development would revolutionise the optometry industry, especially in light of the current pandemic and guidelines over social distancing.

The new capital will be used to develop existing product ranges as well as research into new technologies to further broaden its offering, which will improve accessibility to eye care across the world and allow for better availability of practitioners.

It will also support recruitment in Birmingham.

Roger Wood is director at Birmingham-based Midven which manages part of the Midlands Engine Investment Fund.

He said: “Midven has a long standing relationship with Eyoto and has followed its product development progress closely over recent years.

“The opportunity to invest in the current round and support an extremely experienced management team, coincides with a market environment which is extremely helpful for product launch with a pre-identified commercial partner.”