Ocutrx Technologies, an Irvine-based maker of medical devices that use augmented reality (AR), extended reality (XR) and AI, this month acquired Colorado-based electronics manufacturer Spectrum Advanced Manufacturing Technologies Inc. for an undisclosed amount.
The “mid-cap” acquisition allows Ocutrx to branch out into other industries, due
to Spectrum’s work with companies such as NASA, Lockheed-Martin, Raytheon and Northrop Grumman, according to company officials.
Ocutrx is hoping to use the acquisition to expand into aerospace, robotics, automotive, gaming and AR and XR defense markets, officials said.
Made in America
Ocutrx’s purchase of Spectrum also allows the company to “repatriate” its supply chain in compliance with FDA standards through Spectrum’s facilities, officials said. The combined Ocutrx-Spectrum entity counts seven process lines in the U.S.
Ocutrx’s products range from headsets to microscope lenses.
CEO Michael Freeman and his brother, Mitch Freeman, founded the company in 2015 after their father, who served as a U.S. fighter pilot and was a former Brigadier General, was diagnosed with age-related macular degeneration (AMD), an eye disease that causes loss of vision.
The Freeman brothers, who said they invented streaming mobile video in the ’90s, both mobilized their backgrounds in tech to develop an AR/VR headset for people with AMD.
That headset is currently the OcuLenz, which is not yet available for purchase, but has an online waitlist as it nears commercialization.
The remainder of Ocutrx’s products cater to surgeons.
The company last month introduced its OR-Bot Surgery Visualization Theatre, which combines its microscope lenses, StereoLenz 3D monitor and ORLenz 4K XR headset with a robotic arm attached to a hub that enables surgeons to move freely during procedures.
Ocutrx counts 116 pending patents, including patents tied to the OR-Bot Surgery Visualization Theatre.
The company currently counts 16 issued patents, including for AR eye-tracking, AR visual field testing and other technologies.
It’s currently raising capital, collecting pre-orders for products and seeking board members with medical and scientific expertise, according to Ocutrx’s website.
The company hasn’t disclosed its amount of funds raised to date.
The company’s CEO Freeman has founded and served at the helm of several businesses before Ocutrx.
After earning his JD from the University of Tulsa College of Law, Freeman founded The Freeman Law Firm, which provided legal services to startups and business owners for nearly 30 years before ceasing operations in 2015, according to his LinkedIn.
He also started and led Global Safety Labs Inc., which sold fire safety products from 2005 to 2008. Another one of Freeman’s ventures included semiconductor company Semitrex, which was rebranded as Helix Semiconductors in 2017.