Business
New Direct Investment in £5.0m syndicated round
New Direct Investment in £5.0m syndicated round.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 7709W Mercia Technologies PLC 17 November 2017 \n\n\n\n\n\nRNS\n\n\n17 November 2017\n\n\n\n\nMercia Technologies PLC\n(\"Mercia\" or the \"Group\")\n \nNew Direct Investment in £5.0million syndicated round\nMercia Technologies PLC (AIM: MERC), the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce a new direct investment into Aston EyeTech Limited (\"Aston EyeTech\"), a spinout from Aston University, Birmingham, which has developed a range of proprietary hardware and software products in ocular care. \nMercia's investment of £1.8million gives the Group a direct equity stake of 19.4% and is part of a £5.0million Series A funding round, alongside an Asian-based investment syndicate. The funding will be used to accelerate product development and launch Aston EyeTech's latest state-of-the-art product range. \nThe Birmingham-based company is a spinout from the UK's top ranked School of Optometry at Aston University, one of Mercia's 19 university partners. Aston EyeTech is already revenue generating and aims to disrupt the optometry industry by combining high quality portable and digital eye tests with artificial intelligence driven software platforms. As with Mercia's other direct investments, Aston EyeTech has been supported within Mercia's managed funds portfolio through seed and its early stages of development before now becoming a new direct investment Emerging Star.\nCarl Francis, CEO of Aston EyeTech, said: \"With our cutting-edge technology, skilled team and supportive shareholders, Aston EyeTech has all the ingredients needed to disrupt the $200.0billion global eye health care industry. It is personally gratifying to see high quality investors, such as Mercia and our new Asian partners, attracted to this significant opportunity.\"\nPeter Dines, Head of Life Sciences & Biosciences at Mercia Technologies PLC, said: \"Having worked closely with the Aston EyeTech over the past three years, initially investing at seed stage from our managed funds and providing commercial and strategic guidance as a Board member, we have seen the business grow rapidly with an impressive team of talented individuals. We are pleased to continue to support the...