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Azalea Vision
Health Tech & Medtech · Ghent, Belgium · Founded 2021
Azalea Vision is a pioneering startup poised to revolutionize eye care with its innovative smart contact lens technology MoreLess
Azalea Vision is a Belgian health-tech company developing a non-surgical solution for various vision disorders through a smart contact lens platform. Founded in July 2021 as a spin-off from the research center imec and Ghent University, the company was established by CEO Enrique Vega, CTO Dr. Andrés Vásquez Quintero, and Peter Vermeulen. Vásquez Quintero, an Associate Professor at Ghent University with a Ph.D. from EPFL in flexible electronics, invented the core technology. Vega has a background in managing medical device ventures, and Vermeulen is a serial entrepreneur in the contact lens industry.
The company's core product is the ALMA Lens, a smart contact lens that functions as a bionic iris to address conditions like keratoconus, presbyopia, and light sensitivity (photophobia) associated with iris disorders or chronic migraines. The technology integrates an active light management system using liquid-crystal technology to create a diaphragm with a modulatable aperture, effectively filtering the amount of light entering the eye. This allows for personalized, real-time adjustments to ambient light, enhancing visual acuity and comfort. The lens contains a micro-controller, a medical-grade micro-battery, a configurable light control system, and an RF antenna for near-field communication (NFC) with external devices like smartphones. This connectivity enables both patients and physicians to program and control the lens.
Azalea Vision operates on a business model focused on developing and commercializing this medical device for a large addressable market. The company has secured significant funding, including a seed round of €8 million in 2021 and a first closing of a Series A round in April 2025 for €9 million, with support from investors like imec.xpand, Elaia Partners, and Sensinnovat. It has also received non-dilutive grants from the European Innovation Council (EIC) and Flanders Innovation and Entrepreneurship (VLAIO). The company's strategy involves conducting clinical trials to gain regulatory approval, such as an Investigational Device Exemption (IDE) from the U.S. FDA, to support commercialization in Europe and the U.S. The first on-eye prototype test was successfully conducted in December 2023 with CTO Andrés Vásquez Quintero wearing the device.
Keywords: smart contact lens, medical device, ophthalmology, keratoconus, presbyopia, photophobia, adaptive optics, liquid crystal, ocular health, digital health
Company overview
Azalea Vision company information
The essential company record, classifications and operating signals in one place.
- Status
- Operational
- Founded
- 2021
- Headquarters
- Ghent, Belgium
- Employees
- 21
- Open positions
- None listed
- Dealroom signal
- 65.7
Valuation & funding
Azalea Vision funding history
Company financing events and reported valuations.
| Deal type | Date | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| GRANT✓Other financing | Jul 2026 | $8.3M | — | EIC Fund · European Innovation Council | ↗ |
| SERIES A✓Equity / VC | Apr 2025 | $9.9M | $40M | Afrimobility · SPRIM Global Investments | ↗ |
| SUPPORT PROGRAM✓Other financing | Jan 2022 | $0 | — | EIT Health | — |
| SERIES A✓Equity / VC | Jul 2021 | $8.8M | $35M | Sensinnovat · imec.xpand · Elaia · Shigeru Urushibara | — |
| GRANT✓Other financing | Jul 2021 | $2M | — | VLAIO- Team Bedrijfstrajecten Crossroads France-Wallonie-Vlaanderen | — |
| SPINOUT✓Other financing | Sep 2020 | imec · Ghent University | — |
Financials
Revenue, earnings and profit over time
Reported history and available estimates. Estimated years are marked “E”; sparse fields are left blank rather than inferred.
| Year | EBITDA | Margin | Profit | Margin |
|---|---|---|---|---|
| 2026 | $755K | — | −$2.9M | — |
| 2025 | $755K | — | −$2.9M | — |
| 2024 | $755K | — | −$2.9M | — |
| 2023 | $755K | — | ||
| 2022 | $755K | — | ||
| 2021 | −$636K | — |
Growth signals
Azalea Vision website traffic
Latest recorded traffic for Azalea Vision is 430 monthly website visits, down 60.9% over the last three months. Azalea Vision's team declined 19.2% over the past year.
Comparisons
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Talent graph
Azalea Vision's talent
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Global footprint
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In the news
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Market sentiment
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