£1.4m funding

Breakthrough lens firm receives new backing

Ocutec is working on new lens technology

A Scottish firm behind a breakthrough contact lens technology has secured £1.4 million from backers to invest in equipment and processes.

Strathclyde University spin-out Ocutec, based in Bellshill, has spent years developing a process that avoids irritations such as dryness of the eye.

Its latest supporters includes the Intuitive Investments Group, which contributed £250,000. Its executive chairman is David Evans, a veteran of the life sciences sector.

Finance director Scott Carnegie said the company would use the funds raised in the latest round to invest in new equipment and processes and “several new scientific and engineering hires”. He said this would help the company to further develop its technology for making and bringing to market a new family of contact lenses.

Stewart White, founding chief executive of Collagen Solutions, is on IIG’s advisory panel and is consulting chief executive at Ocutec. He said the company has lots of good technology covering lenses, solutions and manufacturing processes. It has a range of patents registered in attractive markets.s.

Intuitive Investments Group floated on the AIM in December 2020. It has invested in 15 firms, including Scottish digital health platform business Pneumowave, which was formerly known as Altair Medical.

IIG non-executive director Malcolm Gillies, a former corporate partner with law firm Shepherd and Wedderburn invested £50,000 in Ocutec in the latest round.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.