PixelOptics Closes on $30 Million Round of Financing
Investment Led by Longitude Capital Will Help Deliver Revolutionary Products to the Spectacle Lens Market
Roanoke, VA, Oct 23, 2008 -- PixelOptics™ ("Pixel"), a company focused on "transformational innovation" in the spectacle lens industry, today announced that it has closed on a $30 million round of financing led by Longitude Capital and with additional investors: The Carlyle Group, Delphi Ventures, Stark Investments, Life Science Angels and others. Other existing PixelOptics investors include Panasonic Ventures. "We are pleased to have invested significant capital in PixelOptics, a company that is successfully applying its know-how of composite optics, electronics and chemistry, to the development of a mainstream product that we expect will benefit millions of people worldwide," said Juliet Bakker, Managing Director of Longitude Capital. "Longitude Capital takes a stake in companies with exceptional management teams who are developing technologies and products that will help improve and positively transform health care. We believe that PixelOptics is well positioned to become a key player in the growing lens market." In July, Longitude announced a $325 million venture capital fund (Longitude Venture Partners, L.P.) dedicated to life science investments. PixelOptics was founded in 2005 by Dr. Ron Blum, entrepreneur, inventor, and former general manager of Advanced Technology for the Johnson & Johnson Spectacle Lens Group, to optimize the patented electro-active optical technology and other advances to revolutionize the visual experience of spectacle lens wearers. PixelOptics’ management team is comprised of industry veterans from leading optical industry manufacturers. The team includes Dr. Blum, CEO and Chairman, Bill Spies, COO, Bill Kokonaski, CTO, Steve Holt, CFO, Robin Rhodes, VP of Professional Sales, Rod Passerelli, VP of Retail Sales, and Clay Musslewhite, Director of Marketing.