QSpex Technologies Secures approximately $20.5 Million in Series D Funding; Appoints New Director
Proceeds will be used as working capital to expand the Company’s production capacity and sales and marketing staffing to support the ongoing US product launch.
Alpharetta, Georgia — QSpex Technologies, Inc. has announced receipt of a $20.5 million, Series D equity investment led by Spindletop Healthcare Capital of Austin, Texas a late stage venture capital firm specializing in commercial stage healthcare investments, and Essex Woodlands, one of the world’s largest and most established healthcare growth equity and venture capital firms. In addition, Evan Melrose M.D. of Spindletop Capital will be joining the Board of Directors of QSpex Technologies.
“This is a double win for QSpex. These funds will enable us to greatly expand production to support our current product launch in the U.S., and to triple our existing Field Sales and Technical Support staff as we introduce the Photochromic treatment and the Short Corridor Progressive design to our line”, said Stephen M. Martin, CEO of QSpex. “Adding a strong business partner like Spindletop Capital to the continued great relationship we enjoy with Essex Woodlands strengthens our leadership and commitment to eye care practitioners to provide them with breakthrough tools so their practice can offer the best premium spectacle lens options with the best levels of patient service.”
The QSpex Premium Lens System allows practitioners to make premium progressive and single vision lenses in their office with a seven-layer vacuum deposited AR, polarized and/or photochromic treatments that are ready for finishing in about 35 minutes.
Evan Melrose M.D., Managing Director at Spindletop Healthcare Capital stated, “We are excited to become investment partners in QSpex, and share the enthusiasm of the management team and board for this opportunity. We view the QSpex technology as “disruptive”…one that can change the way spectacle lenses with premium treatments are provided, and as such offer significant advantages to doctors and patients alike.”
Martin P. Sutter, Managing Director of Essex Woodlands added, “QSpex continues to move forward with their unique technology to manufacture premium quality spectacle prescription lenses. We share in the commitment of the founders and senior management team in significantly expanding their market presence. Essex Woodlands is delighted to be partners with management and Spindletop in this exciting new Company.”
About QSpex Technologies, Inc —QSpex Technologies, Inc. was founded in 2007 based on proprietary technology created by Dr. Kai Su, Founder and Chief Scientific Officer. The Company’s mission is to offer vision care providers the unique capability to increase patient satisfaction with both the quality of the lens and lens treatments delivered and the time to finished product. The Company is led by CEO Steve Martin; an industry innovator whose many accomplishments include founding CIBA Vision in 1980 and CIBA Vision Ophthalmics in 1990. The QSpex Premium Lens System is a breakthrough technology that allows vision care providers to produce top-quality spectacle lenses “in office” in about 35 minutes. Product availability includes single vision and advanced digital progressive designs, with a high quality, seven-layer, hydrophobic and oleophobic AR treatment, as well as polarized and photochromic options.
About Spindletop Healthcare Capital— Spindletop Capital, founded in 2011, is a late-stage venture capital firm focused on providing expansion capital for commercial stage healthcare companies. Based in Austin, Spindletop is managed by Dr. Evan Melrose with the assistance of an unrivaled team of investment professionals and scientific advisors with deep operating, technical, and transactional experience .
About Essex Woodlands — With $2.5 billion under management, Essex Woodlands is one of the largest and oldest growth equity and venture capital firms pursuing investments in pharmaceuticals, biotechnology, medical devices, health care services, and health information technology. Since its founding in 1985, Essex Woodlands has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing, and/or management of over 150 healthcare companies ranging across all sectors, stages and geography. The team is comprised of 28 senior investment professionals with offices in Palo Alto, Houston, New York, London and a future office in Shanghai, China. For more information please see www.ewhv.com or contact Anne DeMaret at (281) 364-1555.