IXI Secures $36.5M Investment from Amazon and Others to Revolutionize Prescription Glasses with Autofocus Technology

In the evolving landscape of prescription eyewear, Finnish startup IXI is making waves with its innovative approach to vision correction. By harnessing advancements in eye-tracking and liquid crystal lens technology, IXI is developing low-power glasses that automatically adjust to accommodate presbyopia, a common form of far-sightedness.

Investment and Growth of IXI

After four years of development, Helsinki-based IXI recently emerged from stealth mode, announcing it has successfully raised a substantial $36.5 million in funding. This investment comes from a diverse group of backers, including the Amazon Alexa Fund, as the company gears up for its first commercial product launch.

Funding Details

• Leading the latest round of Series A funding is London-based VC firm Plural.
• Other notable participants include Tesi, byFounders, Heartcore, Eurazeo, FOV Ventures, Tiny Supercomputer, and existing investors.
• IXI’s previous investors include Maki.vc and the Bragiel Brothers.

The Future of Eyewear Technology

Niko Eiden, CEO of IXI, believes that eyewear represents “the last great frontier” in consumer technology. With the global eyewear market currently valued at over $200 billion and projected to grow at a rate exceeding 8%, the potential for innovation is immense.

Founders’ Background

IXI was founded by a team with a rich history in mobile technology, having previously worked at Nokia and contributed to the development of Microsoft’s HoloLens XR headgear. The founders also launched Varjo, a mixed-reality headset company that has raised over $200 million in venture funding.

Unique Approach to Vision Correction

Unlike existing solutions in the augmented reality (AR) and virtual reality (VR) spaces, IXI focuses specifically on eyewear as a medical device. Eiden highlights the lack of technology aimed at practically fixing eyesight, stating, “There aren’t that many trying to use technology to actually fix eyesight.”

Product Features and Market Positioning

The IXI glasses utilize a compact device embedded in the frame to track eye movement and adjust liquid crystal lenses accordingly. Although the pricing is still under consideration, the intention is to position the glasses similarly to high-end consumer electronics, like an iPhone, rather than traditional bifocals.

• Target Audience: The glasses aim to cater to various vision correction needs, allowing users to eliminate the need for multiple pairs of glasses.
• Battery Life: IXI estimates a battery life of around two days, ensuring functionality even in case of a power failure.

Competitive Landscape

IXI is not alone in pursuing the concept of autofocus eyewear; however, other companies like Elcyo in Japan and Laclarée in France have yet to successfully launch similar products. Their challenges highlight the complexities involved in developing advanced eyewear solutions.

Investor Confidence

Investors are optimistic about IXI’s potential, particularly due to the team’s strong background in advanced optics and eye-tracking technology. Paul Bernard, head of the Alexa Fund, expressed that the concept of on-demand vision correction in prescription eyewear is compelling and aligns with the need for innovative solutions in this domain.

Looking Ahead

IXI is set to unveil a prototype later this year, although a market-ready product will require further development and regulatory approvals. With a solid foundation of patents and technological advancements, IXI is well-positioned to revolutionize the eyewear industry and improve how we experience vision.

As the demand for smart eyewear grows, IXI’s innovative approach could redefine the landscape of vision correction, making it an exciting company to watch in the coming years.