iCrx, Inc., an automatic eyeglass prescription technology startup, received an investment from UAVenture Capital Fund (UAVC), a Tucson based venture capital fund dedicated to the University of Arizona commercialization of discovery products, technology and services.
This is seventh portfolio investment and the second investment from Fund II for UAVenture Capital Fund.
The amount of the deal was not disclosed.
The company intends to use the funds 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.
iCrx plans to commercialize Wyant College of Optical Sciences technology that will introduce a compact automatic phoropter utilizing laser technology designed to instantly determine a required eyewear prescription.
Developed by Dr. Gholam Peyman, an ophthalmologist, retinal surgeon, and professor of both Clinical Ophthalmology and Basic Medical Sciences at the University of Arizona College of Medicine in Phoenix, Arizona, the 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.
University of Arizona Wyant College of Optical Sciences faculty Dr. Nasser Peyghambarian and Dr. James Schweigerling, co-inventors of the technology, have been designing the compact phoropter prototype.
Several students at the University of Arizona are also working on the project.