PixelOptics Closes on $30 Million Round of Financing

Investment Led by Longitude Capital Will Help Deliver Revolutionary Products
to the Spectacle Lens Market

ROANOKE, Va., Oct. 23 /PRNewswire/ -- PixelOptics(TM) ("Pixel"), a company
focused on "transformational innovation" in the spectacle lens industry, today
announced that it has closed on a $30 million round of financing led by
Longitude Capital and with additional investors: The Carlyle Group, Delphi
Ventures, Stark Investments, Life Science Angels and others. Other existing
PixelOptics investors include Panasonic Ventures.
"We are pleased to have invested significant capital in PixelOptics, a
company that is successfully applying its know-how of composite optics,
electronics and chemistry, to the development of a mainstream product that we
expect will benefit millions of people worldwide," said Juliet Bakker,
Managing Director of Longitude Capital. "Longitude Capital takes a stake in
companies with exceptional management teams who are developing technologies
and products that will help improve and positively transform health care. We
believe that PixelOptics is well positioned to become a key player in the
growing lens market." In July, Longitude announced a $325 million venture
capital fund (Longitude Venture Partners, L.P.) dedicated to life science
investments.
PixelOptics was founded in 2005 by Dr. Ron Blum, entrepreneur, inventor,
and former general manager of Advanced Technology for the Johnson & Johnson
Spectacle Lens Group, to optimize the patented electro-active optical
technology and other advances to revolutionize the visual experience of
spectacle lens wearers. PixelOptics' management team is comprised of industry
veterans from leading optical industry manufacturers. The team includes Dr.
Blum, CEO and Chairman, Bill Spies, COO, Bill Kokonaski, CTO, Steve Holt, CFO,
Robin Rhodes, VP of Professional Sales, Rod Passerelli, VP of Retail Sales,
and Clay Musslewhite, Director of Marketing.
Pixel is developing a global sales team and distribution network to
support a complete family of products. The first of these products is the
recently introduced atLast!(TM) Enhanced Multifocal Lenses. atLast! Enhanced
Multifocals are being launched to compete within the lined multifocal lens
market, which represents approximately 45 million pairs sold globally each
year. The lined multifocal market, which has not seen any major advances in
the last 30 years has been largely overlooked by lens manufacturers. The new
product incorporates composite lens technology, a combination of advanced lens
design technologies and well-known, proven lens materials to create a
completely new category of lens with enhanced optical and cosmetic
performance. atLast! Enhanced Multifocals are the first in a family of
PixelOptics' composite lenses to be introduced to the market.
Included within this innovative lens family is electro-active dynamic
eyewear also being developed by Pixel. This eyewear changes its focus faster
than the blink of an eye and does so without moving parts. This dynamic
eyewear is being developed to compete within the progressive addition lens
market, which accounts for an additional 45 million pairs of lenses being sold
each year globally.
"We are delighted to have been able to attract such an impressive group of
investors including Longitude Capital and others who participated in this
round. I believe the timing of the close of this C Round given the global
financial market turmoil speaks volumes about our investors, our company and
the opportunity that Pixel represents," said Dr. Blum. "We have worked,
sometimes under the radar, on developing our technology to the place where it
can deliver real benefit to people who need vision correction. This
additional new capital will allow the company to develop a complete offering
of composite lenses including our electro-active lens technology."
About PixelOptics:
Headquartered in Roanoke, Virginia, PixelOptics is committed to
"transformational innovation" in the spectacle lens industry. The company's
focus on improving the current standard of vision correction will deliver a
wide range of innovative new products based on "composite lens" and innovative
design technologies. These materials combined in a proprietary manner will
deliver a vastly improved visual experience. For additional information
please visit: http://www.pixeloptics.com.
SOURCE PixelOptics

William Spies of PixelOptics, +1-540-777-6550; or Jennifer Larson,
+1-415-725-2017, jlarson@labfive.com, for PixelOptics