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Actualidad

Mergermarket: Irisbond, the Spanish eye-tracking technology company, is planning a new fundraising for the next year 

23.06.2018

It worked with NORGESTION as advisor.

Irisbond NORGESTION

Irisbond, a Spanish eye-tracking technology company, is planning a new fundraising for the next year, CEO Eduardo Jauregui said.

The company could raise between EUR 5m and EUR 10m, Jauregui said. Although the company has not started an active search for capital, it is interested in receiving calls from investors, he added.The company, which is based in San Sebastian in Spain's Basque Country, would be particularly interested in venture capital firms from the US or the UK, Jauregui said.The company closed its previous financing round last year when it raised EUR 1.3m with a pre-money valuation of EUR 8m, Jauregui said. It worked with Norgestion as advisor. The pension-fund manager Geroa provided EUR 1m while current company's shareholders provided EUR 0.3m, the executive said.Irisbond made its first fundraising in 2014, when it raised EUR 0.3m from Everis and Capital Riesgo del Pais Vasco. The company has been doubling its revenues every year, Jauregui said, adding that the company hit EUR 0.7m last year and targets EUR 1.4m for this year. The company achieved positive EBITDA last year, he stated.Jauregui holds a 36% stake in the company while the remainder 64% is in the hands of several investors.

Although the company is not looking for a sale, eye-tracking technology is very interesting for big corporations, Jauregui said. Recent deals in the sector include the acquisitions of SensoMotoricInstruments by Apple [NASDAQ:AAPL], EyeTribe by Facebook [NASDAQ:FB] and Eyefluence by Alphabet [NASDAQ:GOOGL]. EyeTech and Tobii [STO:TOBII] are also Irisbond's competitors, Jauregui said.

Irisbond is focused on developing and consolidating its technology and integrating it in the mobile applications of other companies, Jauregui said.The company is already present with commercial offices in Chile, Colombia and Argentina, and wants to enter the US and Asia, the executive said. It also distributes its main product in North Europe through distributors and partners, he added.Irisbond was founded in 2013 and it has developed an eye-tracking technology for disabled people, particularly those with reduced mobility. Its technology allows people to manage their computer screens using eye movement. This technology mixes hardware and software, Jauregui said.The company has also developed artificial intelligence software which allows users to interact with a mobile device through eye movements, Jauregui said. The company has already developed a beta technology for Twitter [NYSE:TWTR], for example, he added.Irisbond is also introducing its technology to other sectors such as neuromarketing or collaborative robotics, Jauregui said. The company could study strategic alliances with big corporations for new technological developments, he added. 

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