@ Prescription lens tech firm QSpex raising $6M | SEBIO

Prescription lens tech firm QSpex raising $6M

Posted by on Mar 22, 2013

ALPHARETTA, GA – Prescription lens technology company QSpex Technologies Inc. has raised half of a $6 million round, according to a Securities & Exchange Commission filing.

QSpex has developed a process that involves a liquid plastic that, when exposed to certain wavelengths of light, is converted into a hard plastic lens. Using its technology, QSpex claims, eye-care specialists can make high-quality lenses in about 35 minutes, versus the typical three- to seven-day turnaround.

A call to the company was not returned Friday afternoon.

Last summer Atlanta Business Chronicle reported QSpex’s plans to add more than 120 jobs as the startup expands manufacturing and launches new products.

QSpex has a 16,000-square-foot manufacturing area in its 56,000-square-foot headquarters building in Alpharetta. The facility includes a “clean room,” where lens coatings are applied to disposable plastic molds. QSpex plans to invest $4 million in the plant as it boosts production and is considering adding 26,000 square feet of warehouse space.

Qspex, last year, raised $20.5 million in funding in a round led by Austin, Texas-based Spindletop Healthcare Capital L.P., a late-stage venture capital firm specializing in health-care investments. Existing investors, including Essex Woodlands, a suburban Houston-based, global health-care-focused venture capital firm, also participated in the Series D round.

Founded in 2007, QSpex’s technology was developed by Kai Su, who spent two decades leading research and development groups at CIBA Vision Corp., Alcon Laboratories and Bausch & Lomb Inc.Su is QSpex’s founder, chairman and chief scientific officer.

Qspex executives listed in the SEC filing were Su; Stephen Martin (CEO); and John Lowry. Directors listed were Martin Sutter, James Grootegoed, William Anton, Glen Ellisor and Evan Melrose.

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