PixelOptics Scores $3.5M Grant From Defense Dept.
Just a week after receiving a $32 million equity and debt financing from Boston Health Group Inc., vision technology company PixelOptics Inc. said that it has been slated to get a $3.5 million grant from the U.S. Department of Defense.
The 12-month grant will finance the development of a working prototype of technology that could enhance the vision of military personnel to better than 20/20 vision, said Dwight Duston, executive vice president of research and development and military programs for PixelOptics.
PixelOptics is working on a way to alter the nature of the glass used in eyeglasses through a microchip. Normal bifocals or progressive lenses have a fixed refraction, while PixelOptics' can be turned on and off and adjusted to what the wearer is looking at.
PixelOptics' venture financing is funding glasses using this technology for presbyopia, an age associated condition that makes it harder to see up close. What the Defense financing will allow is the ability to add this technology to let servicemen and women to have vision up to 20/08 through goggles, visors, and rifle sights.
Duston said that he envisions receiving additional funding beyond this year. "We see it as a two-to-three year project," he said. "Then we'll likely turn it over to one of the large defense contractors."
Some people naturally have better-than-average vision, which can be a significant benefit for flying or soldering. "The Army likes this group because they make great snipers," Duston said.
By giving all of its personnel a little of this super sight, Duston said that the military could alleviate problems from friendly fire and give U.S. military personnel an edge in firefights. "Generally, the first one to identify the enemy is the first one to strike," he said. "It's really a factor of life or death."
The SuperVision technology is an extension of the company's commercial technology, which is currently being financed by the $32 million in venture debt and capital.
Based in Roanoke, Va., PixelOptics founded as a spin-off of eVision LLC in September 2005 and received a $465,000 bridge funding from Life Science Angels in October 2005.
The financing from Boston Health Group, a wholly owned subsidiary of Boston Equities includes an upfront payment of an undisclosed size with the remainder over time.
By Jonathan Matsey mailto:jonathan.matsey@dowjones.com
