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18 August 2011

The North West Fund for Venture Capital, managed by EV, has made a £500,000

Power Vision gets funding

 

Crewe-based Power Vision develops specialist equipment that applies anti-reflective

(AR) coatings to spectacles lenses for optical retailers that offer one-hour turnaround

time.

The company was founded in 2010 by a management team with a wealth of

experience in commercialising surface coating technology. The team comprises CEO

Tony Williams, technical manager Bob Waugh, finance director Tony Abramson and

non-executive director Mike Walls. Dean Butler, the founder of US-based Lenscrafter

and Vision Express, has now joined the Board as Chairman.

Reducing reflection and glare is attractive to the consumer and there has been

significant growth in demand for AR-coated lenses. Power Vision identified a market

opportunity to supply the retail stores with a solution whereby an anti-reflective coating

can be provided within a one-hour turnaround time.

Power Vision has already secured a licence agreement with Vision Ease Lenses Inc.

in the US to sell its equipment in North America and the company is looking to

continue this growth into both UK and international markets.

The investment from The North West Fund for Venture Capital will enable Power

Vision to build on its initial success and expand its operations.

Will Clark, investment director for the North West Fund for Venture Capital, said, "We

are delighted to be working with the Power Vision team. They have a wealth of

experience of commercialising technology and have already made a great stride in

securing a licence deal with Vision Ease in the States. Our investment will accelerate

its sales growth and manufacturing capability in the North West region."

Tony Williams, CEO of Power Vision, commented, "The investment by the North West

Fund for Venture Capital has enabled us to take the necessary steps to begin scalingup

production to meet the requirements of Vision Ease Lenses and also to put in

place the necessary marketing activities to establish the Power Vision product

worldwide."

Andy Leach, chief executive for North West Business Finance, said: "Power vision's

technology and experienced team present an exciting opportunity within the

developing portfolio of growth companies supported by The North West Fund. I wish

the team every success and look forward to them achieving their growth plans for the

benefit of the region."

The North West Fund for Venture Capital was advised by Rebecca Grisewood and

Kate Richards at HBJ Gateley Wareing, Manchester.

 


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