Chicago eye care tech company Opternative has raised a new round of funding to hire more employees as it grows its online vision test business.
Opternative announced Thursday that it raised $9 million in a round led by Trust Ventures, a new, Austin based VC firm, partnered with Koch Industries, that invests in and supports startups facing regulatory challenges. Additionally, Chicago VC firms Pritzker Group Venture Capital and Jump Capital participated in the funding round. This latest financing brings Opternative’s total funding to more than $18 million.
In 2016, Opternative raised a $6 million Series A round from Jump and Pritzker, as well as Chicago Ventures, Sam Yagan’s Corazon Capital and NextGen Venture Partners.
"With this latest round of funding, Opternative is now poised to significantly grow its position as a pioneer in the eye healthcare technology space," said Salen Churi, the founder and general partner of Trust Ventures, in a statement. "This investment solidifies Opternative as one of Chicago's most promising and innovative companies."
Founded in 2012, Opternative has created an at-home, digital vision test that can be accessed through a smartphone or computer screen. Visions tests start at $35 and the company's services are available in 37 states, according to Shelby Eversole, the senior manager of public relations and communications at Opternative.
Once the test has been taken, an ophthalmologist reviews answers and, if necessary, sends a prescription within 24 hours. Patients can then order contact lenses and glasses that are sent to them in the mail.
Opternative, which currently employs 50 people at its West Loop headquarters, will use the new funding to double its engineering, product, sales and marketing teams by mid-2019, Eversole said.
The financing will also be used to grow awareness and adoption of its online vision test with consumers, employers and eye care providers. Opternative currently provides its vision test to eye care companies like 1-800 Contacts and Lens.com.
"This is only the beginning of great things to come for Opternative," said Opternative CEO Brent Rasmussen in a statement, who took the top position at the company in January. "This meaningful investment is a great affirmation of the tremendous traction we've achieved and will enable us to aggressively focus on continued international growth and furthering our partnerships with everyone in the industry."
Last year, Opternative sued competing online eye care company Warby Parker, alleging that it stole Opternative’s tech to launch its own at-home eye exam service. In August, a judge denied Warby Parker’s motion to dismiss Opternative’s claims for breach of non-disclosure agreements, but did allow them to dismiss Opternative's other claims related to misappropriation of trade secrets. However, the legal fight continues.
Warby Parker, which started as an e-commerce glasses company but has now moved into brick-and-mortar, opened its fourth store in Chicago earlier this month.
