Opternative Secures $6 Million Series A Funding to Expand Online Vision Testing Platform

Recently, online optometry company Opternative announced the completion of a $6 million Series A financing round. The round was led by Jump Capital, with participation from Tribeca Venture Partners, Pritzker Group Venture Capital, Chicago Ventures, Craig Duchossois, Corazon Capital (Sam Yagan), NextGen Venture Partners, and others. The funds will be used to expand the team and support marketing efforts. To date, the company’s total funding has reached $9.5 million.

Opternative launched this service in the summer of 2015, leveraging a mobile app and computer to assess vision. The computer displays an eye chart, while the app is used to respond to and record questions. Patients can complete a 25-minute test at home and receive a physician’s prescription within 24 hours, which can then be used to purchase eyeglasses with the appropriate prescription at any optical retailer. Reportedly, Opternative’s test has been proven to be as accurate as traditional examination methods.

Aron Dallek, CEO of Opternative, stated that patients can easily complete the examination under text and voice guidance, with multiple distance checks to ensure proper positioning. As long as patients follow the instructions, accurate results can be obtained. Dallek added, “Survey results show that user satisfaction exceeds 99%.”

Opternative provides users with free eye exams, charging only a $40–$60 fee for the report. Patients may choose to purchase eyewear (prescription glasses or contact lenses) either online or offline. Therefore, Opternative recommends that users undergo a comprehensive, in-person eye health examination with an optometrist every two years. Users who have not had such an in-person comprehensive eye exam within the past four years will be ineligible to use Opternative’s services.

Currently, the company, which was founded just four years ago, has expanded its service coverage to 33 U.S. states, serving over 40,000 users. Its goal for this year is to reach 46 states.

It is reported that many companies in the market are attempting to leverage mobile technology to enable at-home optometry. One such company is Vital Art and Science, whose app has received FDA approval. However, rather than targeting patients directly, the company has chosen to collaborate with healthcare systems and pharmaceutical enterprises.

Last year, New York-based Smart Vision Labs also developed a handheld automated refractor for vision testing, which utilizes wavefront aberration technology to detect refractive errors. The company secured $6.1 million in Series A financing in mid-last year.

In addition, EyeNetra, a provider of ophthalmic diagnostic tools and equipment, launched Blink in April 2015, a home-visit service for vision testing among patients in New York City. The company emphasized that the product appointment was only applicable to users who needed to wear glasses. The test cost $75 per person, $130 for two people, and $170 for three people.

Just a month ago, online eyewear retailer Warby Parker announced its investment in a new technology that enables consumers to conduct vision tests directly using their smartphones. The news immediately sent shockwaves through the industry. Reportedly, the company’s current market valuation has reached $1.2 billion.

Previously, VCBeat reported on the remote optometry + O2O market. For more information, click here:Remote Optometry: Online Vision Screening + O2O Gains Popularity Overseas

Compiled by Wang Jinfan