Opternative has closed $1 million in seed funding. The lead investors were Tribeca Venture Partners and Chicago Ventures. Based in Chicago, Opternative is an online eye exam developer.
(Chicago, IL) Opternative is pleased to announce it has received $1,000,001 in seed round funding. Opternative is developing the first online eye exam to deliver a valid prescription.
People will be able to use any internet connected computer or tablet to complete an eye exam in 5-10 minutes that is both accurate and convenient. Next, they will receive a prescription signed by an Ophthalmologist for glasses or contact lenses. All for 75% less than a traditional office visit. No appointments, no waiting rooms. The exam can be done in the comfort of your home.
The seed round was co-led by Tribeca Venture Partners and Chicago Ventures with participation from Lon Chow, Armando Pauker, and Wayne Boulais from Apex Ventures; Tao Huang, Partner at Range Light and former COO of Morningstar; Sam Yagan, Time Magazine’s 100 Most Influential People in the World and CEO of Match Inc.; Michael Sachs, CEO of SG2; James W. DeYoung, D-W Investments LLC; Jon Rompon, Partner at McNally Capital; David Herrmann, Executive Director at Morgan Stanley; Trebuchet Fund.
Each year consumers spend more than $5 billion on eye exams in the US. Many of these exams are performed using equipment that was originally invented in the 1800’s and has not seen significant innovation since 1921 when it was first patented nearly 100 years ago. Opternative’s breakthrough technology will save consumers significant time and money by utilizing the power of software, the internet and mobile technology.
Opternative is being developed by Steven Lee, OD and Aaron Dallek. Steven Lee OD has dedicated his life to better eye care. Aaron Dallek has a background in building start-ups dedicated to improving the world.
“I knew I needed to make the eye exam experience better. My years working as an optometrist led me to create Opternative. Now people will feel relaxed and comfortable during an eye exam,” says Opternative’s Co-founder Steven Lee, OD. “People who use Opternative will receive a prescription that is accurate and convenient. They can use it to buy glasses or contact lenses either online or from a local eyewear provider.”
“I’ve been to the eye doctor all my life and I know first hand the challenges people face in having their eyes examined. Our goal at Opternative is to offer an eye exam which is easy to use, precise and saves people time and money,” said Aaron Dallek, Opternative’s Co-founder and CEO. “Our vision is to help the world see and feel better. We will revolutionize the way eye care is delivered in the US and across the globe.”
“The game has changed, we will no longer think of eye exams in the same way. I’m a big fan of Aaron Dallek, Steven Lee and the Opternative team,” said Stuart Larkins, Partner with Chicago Ventures. “They developed this application to help others see better and they clearly understand the life changing effect it will have on people around the world.”
“I am excited about our investment in Opternative and to help achieve their vision of providing access to affordable, accurate and convenient eye exams,” said Brian Hirsch, Co-founder & Managing Partner of Tribeca Venture Partners. “Opternative has developed a breakthrough technology that is poised to completely revolutionize the eye care industry.”
Opternative is based in Chicago and its introductory website is www.opternative.com, where people can sign up for more information. Opternative is the world’s first online eye exam that provides a valid prescription for both glasses and contact lenses. For just a fraction of the cost of an in-office eye exam visit, Opternative will allow consumers to receive glasses and contact lens prescriptions from the convenience of their home, office or anywhere computer accessible. By bringing eye exams online at a more affordable price point, Co-founders Aaron Dallek and Steven Lee, OD are committed to making the overall eye care process accessible and fair to all.