Visibly Company Profile

Background

Overview

Visibly, formerly known as Opternative, is a Chicago-based healthcare technology company founded in 2012. The company specializes in digital vision care solutions, offering online visual acuity tests that enable patients to obtain prescriptions for glasses and contact lenses remotely. Visibly's mission is to make eye care accessible to anyone, anywhere, at any time. In August 2022, Visibly became the first FDA-cleared online vision test in the United States.

Mission and Vision

• Mission: To create a world where eye care is available to anyone, anywhere, at any time.

• Vision: To be the agile HR platform of choice for organizations worldwide.

Primary Area of Focus

Visibly focuses on providing remote vision testing services, allowing patients to receive prescriptions for eyewear without the need for in-person visits. This approach aims to enhance accessibility and convenience in eye care.

Industry Significance

As a pioneer in tele-optometry, Visibly has played a significant role in transforming the eye care industry by integrating technology to offer remote vision assessments, thereby expanding access to eye care services.

Key Strategic Focus

Core Objectives

• Accessibility: Enhance the availability of eye care services through digital platforms.

• Convenience: Simplify the process of obtaining eyewear prescriptions by offering remote testing options.

• Innovation: Continuously develop and integrate new technologies to improve vision care delivery.

Specific Areas of Specialization

• Online Visual Acuity Testing: Providing FDA-cleared online tests for glasses and contact lens prescriptions.

• Telehealth Integration: Incorporating real-time video consultations with eye care professionals.

Key Technologies Utilized

• Mobile Applications: Facilitating user-friendly vision tests via smartphones and computers.

• Telehealth Platforms: Enabling virtual consultations between patients and licensed optometrists.

Primary Markets Targeted

• Consumers: Individuals seeking convenient and accessible eye care services.

• Healthcare Providers: Optometrists and ophthalmologists looking to expand their service offerings through telehealth.

Financials and Funding

Funding History

• Total Funds Raised: Approximately $37 million.

• Recent Funding Round: Series unknown, raised $24.6 million on May 10, 2023.

Notable Investors

• Creandum: Led the seed funding round in June 2024.

• Seedcamp: Participated in the seed funding round in June 2024.

• Brighteye Ventures: Participated in the seed funding round in June 2024.

Utilization of Capital

The funds are intended to support the expansion of Visibly's digital vision care services, enhance technological capabilities, and broaden market reach.

Pipeline Development

Key Pipeline Candidates

• Online Visual Acuity Test: FDA-cleared mobile-based vision test for prescription renewals.

• Real-Time Video Consultations: Integration of live video consultations with optometrists.

Stages of Development

• Online Visual Acuity Test: FDA-cleared and operational since August 2022.

• Real-Time Video Consultations: Launched in January 2024 through the merger with EyecareLive.

Target Conditions

• Refractive Errors: Nearsightedness, farsightedness, and astigmatism.

Anticipated Milestones

• Expansion of Services: Continued integration of telehealth features to enhance patient care.

Technological Platform and Innovation

Proprietary Technologies

• Online Visual Acuity Test: A mobile-based application that allows users to perform vision tests remotely.

• Telehealth Integration: Platform enabling real-time video consultations between patients and eye care professionals.

Significant Scientific Methods

• Tele-optometry: Utilizing telehealth technologies to provide remote eye care services.

AI-Driven Capabilities

• Data Analytics: Analyzing user data to improve test accuracy and user experience.

Leadership Team

Key Executives

• Brent Rasmussen: CEO, leading Visibly's strategic direction and growth initiatives.

• Raj Ramchandani: CEO of EyecareLive, now part of Visibly, overseeing integration and telehealth services.

Leadership Changes

Recent Appointments

• Merger with EyecareLive: In January 2024, Visibly merged with EyecareLive to enhance telehealth capabilities.

Competitor Profile

Market Insights and Dynamics

• Market Size and Growth Potential: The tele-optometry market is expanding, driven by increasing demand for remote healthcare services.

• Industry Trends: Growth in telehealth adoption and regulatory support for remote vision testing.

Competitor Analysis

• Warby Parker: Offers online eyewear sales with virtual try-on features.

• LensCrafters: Provides in-store and online eyewear sales with comprehensive eye care services.

• EyeBuyDirect: Online retailer specializing in affordable eyewear.

Competitive Landscape

Visibly differentiates itself by offering FDA-cleared online vision tests and integrating telehealth services, positioning it uniquely in the market.

Strategic Collaborations and Partnerships

Significant Collaborations

• Merger with EyecareLive: Enhanced telehealth capabilities through real-time video consultations.

• Acquisition of Lensabl: Expanded retail offerings and e-commerce capabilities.

Operational Insights

Strategic Considerations

• Major Competitors: Warby Parker, LensCrafters, EyeBuyDirect.

• Market Position: Leader in tele-optometry with FDA-cleared online vision tests.

• Competitive Advantages: FDA clearance, telehealth integration, and strategic partnerships.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Service Expansion: Integrate additional telehealth features to enhance patient care.

• Market Penetration: Expand into new geographic regions and demographics.

• Technological Innovation: Develop AI-driven solutions to improve test accuracy and user experience.

Future Business Directions

• Telehealth Leadership: Position Visibly as a leader in tele-optometry services.

• Retail Integration: Leverage Lensabl acquisition to offer comprehensive eyewear solutions.

Opportunities for Expansion

• Global Reach: Expand services internationally to increase market share.

• Partnerships: Form alliances with healthcare providers and optical retailers to broaden service offerings.

Contact Information

• Website: govisibly.com

• LinkedIn: Visibly

• Twitter: @govisibly

• Facebook: Visibly