Azalea Vision
- Industry
- HealthTech
- Founded Year
- 2021
- Headquarters
- Ghent, Belgium
- Employee Count
- 0
Key People
-
Enrique Vega - Co-Founder and Chief Executive Officer
Email: info@azaleavision.com
- Andrs Vsquez Quintero - Co-Founder and Chief Technology Officer
- Robert J. Dempsey - Chairman of the Board
Assessment
- Team
-
Aspect: First-time 10+ yrs
Summary: The leadership team comprises first-time entrepreneurs with over a decade of experience in the MedTech industry.
Enrique Vega and Andrs Vsquez Quintero, the co-founders, bring extensive experience in microelectronics, biomedical optics, and medical device innovation. The appointment of Robert J. Dempsey as Chairman adds significant industry expertise, enhancing the team's capabilities.
- Clinical Need
-
Aspect: Very Strong
Summary: Azalea Vision addresses a significant unmet need in ocular health with its smart contact lens technology.
The company's smart lens platform offers a non-surgical solution for conditions like keratoconus, photophobia, and presbyopia, providing real-time light adaptation and expanded depth-of-focus capabilities, which are currently underserved in the market.
- Competition
-
Aspect: First mover
Summary: Azalea Vision is a pioneer in integrating adaptive optics and advanced sensing technology within contact lenses.
While the company leads in this innovative approach, the market's response to such novel technology remains to be seen, and potential competitors may emerge as the technology gains traction.
- Technical Challenge
-
Aspect: Very Complex
Summary: Developing a medical-grade smart lens involves significant technical complexities.
The integration of stretchable electronics, custom-designed ASICs, liquid crystal optics, and NFC communication into a lens-embedded system presents substantial engineering challenges that must be overcome for successful commercialization.
- Patent
-
Aspect: Very Strong
Summary: Azalea Vision has secured robust intellectual property protection for its technology.
The company's innovative design and integration of multiple advanced technologies into a smart lens are likely protected by strong patents, providing a competitive edge in the market.
- Financing
-
Aspect: Well-funded
Summary: Azalea Vision has successfully raised significant funding to support its development.
The 9 million raised in the first closing of its Series A round, with a total target of 15 million, along with a 2.5 million EIC grant, positions the company well for upcoming clinical trials and commercialization efforts.
- Regulatory
-
Aspect: Running FIH
Summary: The company is in the early stages of clinical validation.
Azalea Vision is preparing for its first-in-human pilot clinical trial, a critical step toward obtaining regulatory approvals such as the FDA's Investigational Device Exemption (IDE) and subsequent commercialization.
Opportunity Rollup
- Odds of Success
- 3
- Peak Market Share
- 3.55
- Segment CAGR
- 3.2%
- Market Segment
- Ophthalmic Devices
- Market Sub Segment
- Smart Contact Lenses
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.18 |
| 2 | 0.53 |
| 3 | 1.24 |
| 4 | 2.48 |
| 5 | 3.55 |
Key Takeaway
Azalea Vision's innovative smart lens technology addresses a significant unmet need in ocular health, supported by a strong team and substantial funding, positioning it well for future success.