Revolutionizing Prescription Eyewear
Blink and you’ll miss it: A startup based in Finland is redefining the prescription eyewear market. With advancements in eye-tracking and liquid crystal lens technology, IXI is creating low-power glasses that will seamlessly and automatically adjust to accommodate presbyopia, a common condition associated with aging that affects near vision.
Funding and Growth of IXI
After four years in stealth mode, IXI officially emerged from secrecy on Tuesday, announcing it has secured a total of $36.5 million in funding from several investors, including the Amazon Alexa Fund. This investment will help propel the startup towards the launch of its first commercial product.
The latest Series A funding round is led by London-based venture capital firm Plural, joined by investors such as Tesi, byFounders, Heartcore, Eurazeo, FOV Ventures, and Tiny Supercomputer, in addition to existing backers. Notable previous investors include Maki.vc, First Fellow, firstminute capital, John Lindfors, Illusian (a family office similar to ICONIQ in the U.S.), and Bragiel Brothers.
The Eyewear Market Opportunity
As CEO Niko Eiden aptly put it, “Eyewear is the last great frontier.” This frontier offers significant revenue potential, with estimates suggesting the eyewear market currently exceeds $200 billion and is growing at over 8% annually, outpacing the growth of smartwatches and smartphones.
A Team with Proven Experience
IXI, previously known as Pixieray, is founded by a team with a robust background in mobile technology, having worked at Nokia, which later contributed to the development of Microsoft’s HoloLens XR headgear. Following their time at Nokia, the co-founders established Varjo, a mixed-reality headset company that focuses on industrial applications and has attracted over $200 million in venture capital from prominent investors such as Atomico, EQT, and Foxconn.
Challenges in VR and Mixed Reality
Despite the intriguing nature of virtual reality (VR) and mixed reality, Eiden noted that it is a challenging space, primarily due to the lack of a robust market and low sales volumes. While sales in the VR domain have risen, they remain in the single-digit billions—a small figure compared to the consumer electronics industry’s vast scale, leading many startups, including those backed by tech giants, to be disappointed with the results. A clear sign of struggles in the sector is Microsoft’s decision to discontinue HoloLens last October, with no plans for a successor.
IXI’s Unique Vision
In IXI’s perspective, the traditional AR and VR approaches overlook a significant aspect in the eyewear segment—addressing eyewear as a medical device. Eiden pointed out that few companies are focused on leveraging technology to genuinely improve eyesight, which he believes is an exciting opportunity for IXI.
The IXI glasses won’t provide features like checking email, posting on social media, or searching for nearby restaurants. Instead, their purpose is singular: to enhance visual clarity for the wearer.
Innovative Technology Behind IXI Glasses
IXI has filed multiple patents on its intelligent eyewear. While the specifics of the glasses remain under wraps, the technology reportedly involves a compact device embedded in the frame that tracks the wearer’s eye movements. This data allows the liquid crystal lenses to automatically adjust focus, enhancing the visual experience.
Although the pricing strategy is still in development, IXI’s COO, Jussi Havu, mentioned in preliminary market research that they aim to price the glasses comparably to high-end consumer electronics, such as an upscale smartphone, rather than standard bifocals available at low prices. This approach targets a wide market without compromising on quality.
Target Audience for IXI Eyewear
The IXI glasses are intended to meet the needs of various vision-impaired consumers. The goal is to allow individuals who need different glasses for distance and near vision to rely on a single pair instead of juggling multiple lenses. This product also seeks to simplify the experience for those who currently use multifocal glasses but find them cumbersome, and for individuals who have previously undergone laser eye surgery, which may not fully resolve their vision needs.
Eiden acknowledged that many early adopters of laser surgery are beginning to experience a regression in their vision, leading to the necessity of bifocals once again. As a former early adopter himself, he understands the challenges faced by this demographic.
Battery Life and Usage Considerations
IXI predicts that the glasses will have a battery life of about two days. Importantly, the lenses will be designed with near-sighted prescriptions, ensuring that even if the battery fails while driving, wearers can still see clearly. However, should the glasses run out of power while reading, users may find themselves at a disadvantage.
The Competitive Landscape
While IXI isn’t the only firm working on autofocus eyewear, existing competitors’ products appear less seamless than IXI’s vision. Companies such as Elcyo in Japan and Laclaré in France have similar concepts in mind, with Laclaré’s launch time frame now pushed to 2026, highlighting the challenges of bringing such innovative ideas to market. Another competitor, Vixion from Japan, has released autofocus eyewear but includes bulky components reminiscent of camera lenses.
Investor Confidence in IXI
The expertise and execution capabilities of IXI’s founding team have drawn significant investor interest. Eiden shared that Amazon’s rapid investment decision was influenced by his past relationship with Jeff Bezos, although the specifics of that prior venture remain undisclosed. Their discussions regarding Amazon’s potential collaboration on Eiden’s previous technology did not materialize, but this connection played a role in securing funding for IXI.
As Paul Bernard, who leads the Alexa Fund, stated, the concept of on-demand vision correction in prescription eyewear is intriguing, especially given the limitations of current solutions.
Future Outlook for IXI
Amazon has begun selling reading glasses on its platform and seems to envision further developments in eyewear technology. Recently, reports surfaced indicating that Amazon is exploring advanced glasses for delivery personnel that could enhance their efficiency.
This potential aligns with Amazon’s increasing investment in the pharmacy sector, suggesting opportunities for economies of scale in eyewear production that could cater to both corrective vision and augmented/virtual reality applications.
IXI’s technology has already shown promise in lab settings, with COO Havu mentioning the potential for a prototype unveiling later this year. However, the timeline for a commercially available product remains uncertain, particularly since regulatory approvals will be necessary for eyewear classified as medical devices.
Conclusion
Despite impending challenges, IXI’s innovative approach and corresponding market potential have garnered significant attention from investors. As noted by Sten Tamkivi from Plural, the team’s unique expertise positions them at the forefront of advancements in optics and eye-tracking technologies. By supporting IXI, investors are backing not just a company, but a future where technology could transform human eyesight remarkably.
IXI raises $36.5M from Amazon and others to bring autofocus to prescription glasses
