Bates Wells acted for Eyoto Group Limited on its most recent fund raise to ensure a pathway to future growth for the company through a series of investments by way of convertible loans. This included an investment round from The Future Fund through the UK Government’s Covid-19 initiative and delivered by the British Business Bank.
Other investors included (i) Mercia Technologies PLC, the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, (ii) Midven Limited, a West Midlands based VC investing in local early-stage SMEs and (iii) an Asian-based investment syndicate.
Eyoto Group Limited is a spinout from the optometry department of Aston University and was established to allow the commercialisation of their AI intellectual property. Eyoto Group Limited aims to disrupt the optometry industry by combining high quality portable and digital eye tests with artificial intelligence driven software platforms.
The transaction demonstrates Bates Wells’ corporate finance practice and expertise in the technology sector. We had to draft and negotiate terms with multiple investors in an ever-tightening timeframe but were able to ensure a successful investment round in a timely manner that will allow the company to progress with its growth strategy.