Blink and also you’ll miss it: A startup out of Finland is taking a brand new take a look at the marketplace for prescription eyewear. Tapping into improvements in eye-tracking and liquid crystal lens expertise, IXI is constructing low-power glasses that can invisibly and robotically alter to account for a wearer’s presbyopia (far-sightedness).
4 years into its life, Helsinki-based IXI emerged from stealth on Tuesday, saying that it’s raised a complete of $36.5 million from an inventory of traders that embody the Amazon Alexa fund, to work in direction of its first business product.
London-based VC agency Plural is main the most recent tranche of Collection A funding, with participation from Tesi, byFounders, Heartcore, Eurazeo, FOV Ventures, Tiny Supercomputer, and present traders. The startup’s earlier traders, along with the Amazon Alexa Fund, embody Maki.vc, First Fellow, firstminutecapital, John Lindfors, Illusian (a household workplace of European founders just like ICONIQ within the U.S.), and the Bragiel Brothers.
“Eyewear is the final nice frontier,” stated Niko Eiden (CEO), who co-founded the corporate with chief algorithm officer Ville Miettinen. Additionally it is doubtlessly a profitable frontier: IXI cites estimates that put the present marketplace for eyewear at over $200 billion and rising at a price of over 8%, sooner than smartwatches and smartphones.
IXI (previously referred to as Pixieray) is based and staffed by a staff who initially labored on groundbreaking cellular expertise at Nokia that finally was utilized in HoloLens at Microsoft (which had acquired a big a part of Nokia). Later, the co-founders began Varjo, a mixed-reality headset developer that targets the enterprise market.
VR and blended actuality, Eiden stated, “continues to be tremendous fascinating […] nevertheless it’s a extremely onerous area to be in as a result of there isn’t any market, and the volumes are usually not there.”
Varjo, he added, did a “nice job” of determining how one can pivot into the area of interest of business and enterprise purposes. However even with large corporations like Meta, Apple, Sony and Microsoft pursuing {hardware} within the VR area, it’s been a battle to discover a booming marketplace for the expertise — gross sales have elevated however they’re nonetheless within the single-digit billions, small for shopper electronics. Tellingly, Microsoft discontinued HoloLens final October, and has no plans for a successor.
In IXI’s view, AR and VR pursuits additionally depart loads on the desk when it comes to what is being addressed within the space of eyewear. Not one of the earlier efforts have appeared intently at how and if they will deal with eyewear as a medical gadget, which is what prescription glasses are.
“There actually aren’t that many attempting to make use of expertise to truly repair eyesight, and that’s form of the cool half for us,” stated Eiden. You possibly can’t use the IXI glasses to examine your e mail, put up to Instagram, seek for a restaurant, play a sport recognizing cute creatures on the road, or get more information on the place to purchase the footwear you’ve noticed on somebody’s ft. It’s nearly seeing extra clearly.
IXI has filed and utilized for a variety of patents round its invisibly-smart eyewear. Eiden and his COO Jussi Havu declined to speak about too many specifics of the glasses, however in a nutshell, it makes use of a really small gadget constructed into the body to trace your eyes and correspond with liquid crystal lenses that robotically alter to assist the wearer see the objects in focus.
The use case, they are saying, is to make it simpler for shoppers to have just one pair of glasses as a substitute of carrying a number of pairs of glasses for wanting far and away, or up nearer; and for individuals who use varifocals to have glasses which are simple and helpful fairly than clumsy to put on.
IXI estimates the battery life on its glasses to be about two days. The lenses themselves shall be constructed with near-sighted prescriptions (to see issues far-off), so even when the battery dies when you are, say, driving, you’ll nonetheless be capable to see clearly. Nevertheless, it appears like should you’re studying and it runs out of juice mid-page, you’ll be out of luck.
IXI isn’t the one firm pursuing the concept of “autofocus” eyewear, though these already available on the market look considerably much less seamless than what IXI needs to construct. Elcyo, out of Japan, and Laclarée, in France, each envision eyewear that appear like regular glasses however present autofocus to let customers see issues clearly, however neither have but launched a product. Laclarée had plans to launch its first product in 2022, however its goalpost is now 2026 — a measure of how tough it truly is to get such concepts off the bottom.
One other Japanese firm, Vixion, has launched autofocus eyewear, however its units have bodily objects that appear like small digicam lenses embedded in them.
IXI’s pedigree and monitor document of execution are two explanation why traders are eager on seeing it take a crack on the drawback.
Eiden stated Amazon was fast to put money into the product partly as a result of he already knew Jeff Bezos from certainly one of his earlier corporations. He didn’t disclose which firm that was, however he stated there have been discussions about Amazon probably working with the expertise he and his groups had constructed.
Finally, these talks by no means got here to something, nevertheless it made for a really fast “sure” when it got here to investing in IXI, he stated.
“The concept of bringing on-demand vision-correction to the place it’s wanted in Rx eyewear is compelling,” Paul Bernard, who heads the Alexa Fund, instructed TechCrunch over e mail, citing the clumsiness of present options.
“Auto-tuning lenses require low-power/high-performance, eye-tracking and algorithmic adjustment to liquid crystal lenses at very excessive pace. We predict the IXI staff is effectively suited to deal with these issues given their earlier work at Varjo, the place they labored on advancing the SOTA in VR/XR applied sciences,” he added.
Amazon at present sells readers (for long-sightedness) on its market, however the firm clearly sees (heh) a future the place it could possibly do much more.
In November 2024, it emerged, for instance, that the e-commerce large was engaged on particular glasses for supply drivers to assist them get parcels to their locations sooner.
These supply glasses, in the event that they’re ever launched, could be extra within the realm of mixed-reality eyewear. However should you shift your consideration to Amazon’s rising enterprise in areas like pharmacy, you may envision a chance for the corporate to leverage economies of scale in eyewear manufacturing that might deal with each corrective imaginative and prescient and AR/VR use circumstances.
Eiden and Havu stated the expertise they’re constructing has been confirmed already within the labs. “Later this 12 months, you should have an opportunity to see the prototype,” Havu stated. IXI declined to say when it may need a product prepared for the market, which is able to want approvals to be offered as glasses, along with every part else. “That is simply step one.”
Nonetheless, with the patents and different work the startup has performed, there may be sufficient potential in IXI that’s merited investor curiosity round a really large alternative.
“Niko, Ville and the staff’s uncommon European {hardware} experience places them on the forefront of superior optics and eye-tracking developments,” Sten Tamkivi, a associate at Plural, stated in a press release. “They’re creating stunning, actually invisible expertise that pioneers a brand new method to imaginative and prescient which is able to lastly enhance human eyesight as soon as and for all. By backing IXI, we’re not simply investing in an organization, however in a future the place expertise revolutionises how we see the world.”
