Israeli company Addon Optics has raised $12 million from AP Partners in its second equity round to date. AP Partners was the only investor to participate in this round. To date, Addon Optics has raised $8 million from angels and funds Kli Capital, Rimonci Capital, Wilson Ave, and Sapir Venture Partners.
Based in Kadima-Zoran, Addon Optics was founded in 2016 by Amir Erlichman (CEO) and Haim Engler based on a technology platform co-developed with Prof. Yoel Arieli, head of the department of electro-optics engineering at the Lev Academic Center in Jerusalem.
Erlichman is a seasoned entrepreneur and angel investor with extensive experience running high-tech companies. He chaired Kasamba, sold to LivePerson, worked as a senior partner at Israel VC fund Yozma, and as an investment banker at Lehman Brothers. Engler is a serial entrepreneur with over 30 years of high-tech experience. Among others, he founded and served as CTO of Code Red, which specializes in broad area Wi-Fi network administration and security.
Addon Optics' technology platform integrates an off-the-shelf single-focal lens with a proprietary flexible lens to create a high-quality progressive lens, using a machine the size of a 3D printer requiring a low capital outlay. Multifocal lenses correct several vision ranges – far, near, and intermediate, eliminating consumers' needs to switch eyeglasses for different uses. As a result, multifocal lenses have become the default preference for everyone with eyesight issues, particularly those older than 40. The global market for multifocal lenses is estimated at more than $10 billion.
Addon employs 20 people and plans to recruit aggressively over the coming year to accommodate its global expansion.
“Given the current cost structure of production and distribution of multifocal eyeglasses, Addon Optics' technology platform can potentially transform the lives of millions with a more affordable progressive lens solution,” said Addon Optics' CEO Amir Erlichman. “With Addon technology, multifocal prescription eyewear will become accessible to various populations, greatly enhancing their quality of life.”