VisionBanker Pte. Ltd., a startup looking to change vision care through technology, Tuesday announced plans to raise $10 million through a token sale on its own platform to tap into the Asian eye care market.

Using facial recognition technology and a blockchain distributed ledger, VisionBanker seeks to change the way vision patients and eyeglass consumers store and secure their health data.

To do that, the startup has created a blockchain network that allows patients to have eye health information stored after visiting an optometrist. This information can then be revisited, privately and securely, when changing providers or seeking eyeglasses. The system would also encourage users to continue to follow up with eye care providers by offering tokens that could be used for discounts on vision products.

The VisionBanker app is also being built with advanced facial recognition software that will be able to map the contours of the face and the eyes in order to provide a better fit for glasses. Facial recognition technology services are provided by Microsoft Corp. and NEC Corp.

“Myopia is a serious problem globally, with about 50 percent of the developed world needing glasses,” said Dato Seri David Sew, chief executive of VisionBanker. “This is especially so in Asia, and specifically in our backyard Southeast Asia. We’ve seen studies and heard of how poor eye care can lead to poorer education and even lead to safety issues.”

VisionBanker was founded in 2018 by SpecTruck, a one-stop mobile optical concept stall in Malaysia, serving block urban and rural communities to bring much-needed eye care and eyeglasses to underserved populations. By the end of 2019, SpecTruck will have served over 100,000 people in Malaysia, including schoolchildren, working adults and the elderly.

Using the new funds, the startup intends to build out its blockchain network, launch its facial recognition app and provide services to many more people in need of vision health care.

“With the eye care fitting process fundamentally unchanged for centuries,” Sew said, “we wanted to use new technologies to help consumers around the world have a more convenient and easier time when improving their vision.”

The startup intends to launch its app and open its blockchain to users by 2020, beginning with an Asian-centric approach, led by countries in Southeast Asia.

VisionBanker’s growth plans include collecting up to $12 million in revenue, growing to $60 million within five years through a subscription-based model designed for affordable pricing. The system will also allow the blockchain to be used for anonymized eye care data for medical research, optometric and insurance organizations.

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