AI vision benefits platform XP Health secured $5 Million

XP Health, an AI-powered vision benefits platform covering employees and their families, has now secured $5 million in a seed funding round.

XP Health is founded by Antonio Moraes in the year 2019. It is an Artificial Intelligence-powered vision benefits platform for employees and their families to get frames from world-leading designers like Coach, Armani, Tom Ford, Ray-Ban, and Gucci.

Its deep learning model uses the deep learning and facial recognition technology that recommends the best frames based on their facial dimensions with 98% accuracy.

Antonio Moraes, Co-Founder & CEO, XP Health, said, "Our mission at XP Health is to make vision benefits more affordable for both employers and employees, whether you have or don’t have vision insurance, and whether you wear or don’t wear prescription glasses. By creating an industry-leading technology platform based on AI and deep learning, we are providing the highest quality vision care in the most affordable way to everyone".

Scott Sobel, Founding Partner at Valor Capital Group, said, "We are thrilled to support XP Health and its growth to the entire US territory. Benefits are one of the largest markets in the world, but employees still spend so much out of pocket. In the vision space alone, around $17 billion are wasted in premiums that are not used. XP Health has the opportunity to bring vision benefits down for both employees and employers".

The Valor Capital Group led the latest funding round. Other participating investors include J-Angels, Semper Virens, Stanford StartX, and Village Global.

The company as of now has plans to use the new funds to further develop its AI technology and scale its engineering and R&D teams.