QSpex announces new CEO, raises $15 million

QSpex, a lens technology company, announced on Jan. 14 the closing of a $15 million Series E financing and the hiring of Brett Craig as its new president and chief executive officer.

The fundraising, co-led by investors Essex Woodlands Health Ventures and Spindletop Capital, is intended to finance QSpex's new lens manufacturing systems. The processes, named the Nano Lab and the Mini Lab, will allow technicians to make up to 20 pairs of lenses and 120 pairs of lenses per hour, respectively.

"Traditionally, the lens manufacturing process takes anywhere from a few days to a few weeks and includes multiple stakeholders," Evan Melrose, MD, MBA, managing director at Spindletop Capital, said in the release. "However, QSpex has developed a system that removes all of those steps and makes high quality lenses at a substantial cost saving to the customer. We firmly believe the Nano Lab and Mini Lab will change the way lenses are manufactured and distributed in the future."

QSpex's new CEO, Craig, has more than 15 years of eye care experience, according to the release. He most recently served as president and CEO of PixelOptics, an electronic eye glass company.

"QSpex has the potential to disrupt the way lenses are made, sold and distributed today," Craig said in the release. "I'm honored to work with such a dedicated team in the eye care industry and look forward to the rollout of the Nano Lab and Mini Lab systems this year, as well as our refocused delivery platform."