XP Health grabs $32M to bring employees more affordable vision care

Antonio Moraes, the grandson of a late prominent Brazilian billionaire, took a different path than expected by founding one of Brazil’s first impact funds after college. However, his journey took a turn while pursuing a master’s degree at Stanford University, where he decided to start his own impactful company.

During an entrepreneurship class, Moraes and his co-founder, James Wong, discovered the exorbitant markups on designer frames in the U.S. compared to their production costs in China. This realization led them to launch XP Health in 2018, with a focus on providing affordable vision care and eyewear benefits through a digital-first, AI-driven platform.

XP Health recently secured a $33.2 million Series B funding round led by QED Investors, showcasing the growing demand for their innovative approach to vision care. By offering significant savings on eyeglasses and eye exams, XP Health aims to disrupt the traditional vision insurance market.

Members of XP Health can save up to 69% on retail prices for eyeglasses, thanks to the company’s direct sourcing from factories in Asia. The AI-powered platform also personalizes recommendations based on facial recognition technology, ensuring a perfect fit for each member.

With a rapidly expanding customer base of over 3,000 businesses, including well-known names like Docusign and Chegg, XP Health is making waves in the industry. Strategic partnerships with insurance providers further solidify their position as a game-changer in the vision care space.

While competing with established players like Warby Parker and Eyebuydirect, XP Health distinguishes itself by challenging traditional vision insurance providers. By offering a corporate benefit rather than traditional insurance, XP Health is revolutionizing the way employees access affordable vision care.

In a market saturated with options, XP Health stands out for its commitment to cutting out middlemen and delivering cost-effective solutions to its members. By prioritizing affordability, convenience, and quality, XP Health is paving the way for a new era in vision care.