UAVenture Capital Fund (UAVC), a Tucson based venture capital fund dedicated to the University of Arizona commercialization of discovery products, technology and services, announced its seventh portfolio investment and the second investment from Fund II.
The Fund has invested in iCrx, Inc. a Wyant College of Optical Sciences technology that will introduce a compact automatic phoropter utilizing laser technology designed to instantly determine a required eyewear prescription. The phoropter is the common name for an ophthalmic testing device, also called a refractor, invented in 1921. It is still commonly used by eye care professionals during a prescription eye examination and contains different lenses used for refraction of the eye during sight testing. Such testing measures an individual’s refractive error and determines his or her eyeglass prescription.
The new iCrx 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.
The invested funds from UAVC will be utilized 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.
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 invented the original iCrx technology. Dr. Peyman is also the Research Director for the Department of Ophthalmology and is best known for his invention of LASIK eye surgery. 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.
Source: Company Press Release.