ISRAEL – Addon Optics, an Israeli company, has raised US$12 million in its second equity round from AP Partners.
This round was attended by only one investor, AP Partners. Addon Optics has received US$8 million in funding to date from angels and funds such as Kli Capital, Rimonci Capital, Wilson Ave, and Sapir Venture Partners.
Addon Optics was founded in 2016 by Amir Erlichman (CEO) and Haim Engler on a technology platform co-developed with Prof. Yoel Arieli, head of the department of electro-optics engineering at Jerusalem’s Lev Academic Center.
The 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 3-D printer requiring a low capital outlay.
Multifocal lenses correct multiple vision ranges – far, near, and intermediate – removing the need for consumers to switch eyeglasses for different purposes.
As a result, multifocal lenses have become the default choice for anyone with vision problems, particularly those over the age of 40. The global multifocal lens market is estimated to be worth more than US$10 billion.
The company said it will use the money to commercialize its technology and set up a distribution, marketing and sales team by hiring 20 people.
It will also use its infrastructure and supply chain to meet the demand from strategic partners.
“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,” said Addon Optics’ CEO Amir Erlichman.
“With Addon technology, multifocal prescription eyewear will become accessible to various populations, greatly enhancing their quality of life.”
Further to that, MeMed, an Israeli healthtech company, has announced the completion of a US$93 million Series E round.
MeMed’s total funding to date exceeds US$200 million, including contributions from the US Department of Defense and the EU Commission.
Horizons Ventures, Shavit Capital, Social Capital, La Maison Partners, Touchwood Capital, Caesarea Medical Holdings, Union Tech Ventures, ClaI Insurance, Phoenix Insurance, Poalim Equity, and Western Technology Investment are among the new and existing investors in the latest round.
MeMed, which develops diagnostic solutions to translate the complex signals of the immune system, did not disclose the valuation at which it raised its Series E round, but did note that its valuation had increased significantly since its previous round.
Eden and Kfir Oved, who serves as chief technology officer (CTO) and Chairman, founded MeMed in 2009. The company employs 100 people in Israel, Europe, and the United States, with the majority based in Haifa.
The FDA granted 510(k) clearance in September for the use of the MeMed BV test on the point-of-need platform MeMed Key to assist healthcare providers in distinguishing between bacterial and viral infections.
Both children and adults have been given permission to use the technology. MeMed has also developed the MeMed Covid-19 Severity test, which has been approved for use in Europe, to predict severe outcomes in Covid-19 patients.