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ISIF commits €15m to Irish optical tech firm


 

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Fergal McAleavey, Senior Investment Director, ISIF; Leo Mac Canna, founder and CEO, Ocuco; Nick Ashmore, Director, ISIF

Fergal McAleavey, Senior Investment Director, ISIF; Leo Mac Canna, founder and CEO, Ocuco; Nick Ashmore, Director, ISIF

Fergal McAleavey, Senior Investment Director, ISIF; Leo Mac Canna, founder and CEO, Ocuco; Nick Ashmore, Director, ISIF

The Ireland Strategic Investment Fund (ISIF) has committed €10m to Ocuco, an Irish technology company that provides software to optical retail chains and lens manufacturers in Europe, North America and Asia, with a follow-up investment planned within the next two years.

The funding, which comes from ISIF’s Pandemic Stabilisation and Recovery Fund (PSRF), will support research and development (R&D) and product development at Ocuco’s global headquarters in Blanchardstown, with the creation of up to 25 software developer roles expected.

ISIF expects to commit a total of €15m to Ocuco, comprising this initial €10m commitment and a subsequent planned commitment of €5m within 24 months.

Leo Mac Canna, founder and CEO, said: “Following the disruption caused by the pandemic on all industries exposed to retail trade, we are delighted to be in a strong position to invest in the future, both for our staff and for our customers which include independent opticians and some of the world’s largest optical retail chains. We believe that the eyecare industry must move online to compete in the future and meet customer demand. The next generation of our products are designed to meet this shift towards mixed provision of eyecare services both online and on premise.”

Ocuco has revenues of over €35m and 300 staff based across 18 offices in 14 countries. 

PSRF’s aim  is to help Irish companies to recover from the effects of COVID-19.

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