Madrid-based WIVI Vision, a health tech startup, announced on Monday that it has raised €4M in a mix of equity and debt in a Series A round of funding led by Adara Ventures.
Other investors, including Hearstlab, Avançsa, Caixabank DayOne, BBVA Spark, Banco Santander, as well as current partners such as Peak Thomas (Pedro Tortosa) and VC Go GMBH, also participated in the round.
The Spanish company will use the capital to boost its domestic and international growth, as well as accelerate the expansion of the team, and support the development of new technologies. With this new financing, the company plans to grow its team to help drive international growth.
The latest round brings the company’s total funding raised to €7M.
Eva García Ramos, CEO and co-founder of WIVI Vision, says, “This new funding represents the confidence in our business model and support of investors, which will allow us to continue advancing in our ambitious growth plan in both the domestic and international markets. In recent years, we have proven that we can improve children’s and adults’ visual health and quality of life with adapted and affordable technology, offering clinical assistance that specialists and users increasingly value. We want to be the reference in visual health in assessment and visual training at a reasonable price and improve all people’s vision and quality of life.”
The announcement comes after WIVI Vision recently announced its plans to expand internationally after signing an agreement with Vision Rehab Technologies, which will become the exclusive distributor of WIVI Vision technology in the United States.
The Spanish company plans to expand its presence across the country to launch in more countries in the coming years.
WIVI Vision: Providing affordable alternative to traditional visual therapy methods
Eva García Ramos and Juan Carlos Ondategui-Parra founded WIVI in 2016 to cater to the unmet needs in assessing and treating visual dysfunctions within the optical industry.
With more than 25 years of accumulated national and international experience in the technology and visual care sectors, the founders have made it their mission to improve the quality of life through vision.
WIVI aims to provide an affordable alternative to traditional visual therapy methods.
Through proprietary big data and artificial intelligence (AI) technology, WIVI can assess whether someone has visual dysfunctions and apply personalised training programs based on a 3D game to improve their vision.
The solution is 95 per cent effective and has been approved by the Spanish Ministry of Health as a medical class. WIVI has offices in Barcelona, Bilbao, and Berlin.
According to the company, it can measure over 100 parameters across five visual areas, with a remarkable 100 per cent success rate in treating cases.
The development of an evaluation and training program that can be completed in 15 minutes or less.
Its user-friendly interface, affordability, and ability to achieve a 100 per cent recovery rate in less than three months make it accessible and beneficial for patients of all ages.
The investor
Adara Ventures is an investment firm that focuses on early-stage businesses in Europe and has a portfolio that includes companies specialising in cybersecurity, data applications and infrastructure, DevOps, hardware components, digital health, and the energy transition.
In the last 18 years, the firm has invested in more than 40 companies and manages over €200M.
Rocío Pillado, Partner at Adara Ventures, says, “We are thrilled to partner with Eva García Ramos and Juan Carlos Ondategui-Parra, whose deep expertise has helped scale WIVI quickly as a leading alternative to traditional visual therapy methods driven by cutting-edge technologies. WIVI’s approach not only meets a critical need but also showcases a commitment to positively impacting lives globally.”
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