PixelOptics, Inc.
Headquartered in Roanoke, VA, PixelOptics is a medical technology company that developed and has begun to commercialize emPower!, the world’s first and only electronically focusing prescription eyewear. emPower! uses dynamic technology to change focus automatically and silently without moving parts, reducing or eliminating perceived distortion and other limitations associated with multifocal lenses. www.pixeloptics.com
Why PixelOptics? — PixelOptics' product emPower!, the world’s first and only electronically-focusing prescription eyewear, represents the most significant technological advance in prescription eyewear in the last 50 years. The world’s first electronic corrective eyeglasses, emPower! features the most advanced electronic innovations and substantially reduces or eliminates the perceived distortion and other limitations associated with multifocal lenses. Initially targeted for those individuals with presbyopia, a condition where the eye exhibits a progressively diminished ability to focus on near objects with age, these glasses change automatically to enable a patient to see near or far. emPower! will be prescribed by eye care professionals (ECPs) and will be initially sold in practitioner offices.
Market Opportunity — Nearly 1.8 billion people worldwide suffer from presbyopia, a degenerative eye condition that will effect virtually all adults over the age of 51. Treatment options include corrective lenses, multifocal contacts and surgery. Progressive addition lenses, one of the most common treatments for presbyopia, generate an estimated $13 billion per year on over 50 million pairs sold. The presbyopic market represents 50% of the global optical lens market, and is projected to increase with the aging of the population. Approximately 100 million pairs of bifocals and progressive lenses are sold per year and every 1% penetration could represent an estimated $400 million in revenue.
Safeguard Board Members — Gary J. Kurtzman, MD and Stephen T. Zarrilli
Financial Summary — Safeguard has deployed $25 million in PixelOptics for a 25% primary ownership position. Co-investors include Delphi Ventures, The Carlyle Group, Longitude Capital, and Stark Investments.
Initial Capital Deployment — April 2011
Sector — Life Sciences, Medical Device
