A Finnish startup called IXI is shaking up the $200 billion eyewear market with innovative glasses that automatically adjust to correct Presbyopia (far-sightedness) using advanced eye-tracking and liquid crystal lens technology. The Helsinki-based company has emerged from stealth mode after raising $36.5 million in funding from investors including the Amazon Alexa fund.
The Vision Behind IXI
IXI’s founders, CEO Niko Eiden and Chief Algorithm Officer Ville Miettinen, previously worked on groundbreaking mobile technology at Nokia that later became part of Microsoft’s HoloLens. They also founded Varjo, a mixed-reality headset developer targeting enterprise markets. Their experience in VR and mixed reality has given them unique insights into the eyewear market.
How IXI’s Glasses Work
The IXI glasses use a small device built into the frame to track eye movements and adjust liquid crystal lenses automatically, allowing wearers to see clearly at various distances. This technology aims to simplify life for people who currently need multiple pairs of glasses or varifocals. The lenses will have near-sighted prescriptions built-in, ensuring functionality even when the battery runs out. Battery life is estimated at about two days.
Market Potential and Competition
The global eyewear market is growing at over 8%, faster than smartwatches and smartphones. IXI isn’t the only company pursuing ‘autofocus’ eyewear, but its approach promises a more seamless and aesthetically pleasing solution. Other companies like Elcyo (Japan) and Laclarée (France) are also working on similar technology, though their products are not yet on the market. Vixion, a Japanese company, has released autofocus eyewear but with visible camera lens-like components.
Investor Confidence
IXI’s funding was led by Plural, a London-based VC firm, with participation from various other investors including Tesi, byFounders, and Heartcore. The company’s pedigree and execution track record have garnered significant investor interest. Paul Bernard of the Amazon Alexa Fund praised IXI’s team for their previous work at Varjo and their potential to tackle the challenges of auto-tuning lenses.
Future Prospects
While IXI declined to reveal a specific timeline for market launch, COO Jussi Havu mentioned that a prototype would be showcased later in the year. The company has filed multiple patents for its technology, which has been proven in lab settings. Investors see significant potential in IXI’s innovative approach to corrective eyewear, potentially revolutionizing how people see the world.
