In a complex sequence of spin-offs, name-changes and mergers, the dust has settled for vision correction company GlassesOff, formerly called Autovative Products and recently restructured through a merger with software company Ucansi.
The former Autovative Products also created a spin-off, Autovative Technologies, which will be headed by former CEO David Funderburk. Uscansi’s management and board, including CEO Nimrod Madar, will take over operations of GlassesOff.
The newly packaged GlassesOff closed a $3.1 million private placement by offering 2,490,000 shares at $1.25 each in a private funding round with a number of investors, according to a press statement.
GlassesOff sells an iPhone app promises to make reading glasses "a thing of the past." The app is comprised of a series of eye-training games that claim to counter vision loss. The company cites clinical data showing that people who complete the games regain 8.6 years of vision loss.
Before the merger, the New York City-based Ucansi developed a software product to treat age-related vision loss, called presbyopia. Now, GlassesOff is a publicly traded company that still operates under the Autovative stock ticker, ATVP, although the merger agreement filed on July 30 said the company plans to change the ticker soon.