April 18, 2023 – Ocutrx Technologies, a developer of medical devices that utilize augmented reality (AR), extended reality (XR) and artificial intelligence (AI), has recently announced the strategic acquisition of Spectrum Advanced Manufacturing Technologies, Inc. (Spectrum AMT), a Colorado-based electronics manufacturing and assembly company.
Over the years, Spectrum has provided hardware and product support for many defense, NASA and commercial space flight programs, and also provides microelectronics, wiring and harnessing, and assembly for Fortune 500 DOD and aerospace contractors, according to Ocutrx. With this acquisition, the consolidated Oxutrx_Spectrum company now has seven (7) process lines, including ISO Optics Lab capabilities, serving medical, commercial and government entities.
Ocutrx stated that the acquisition will support the company’s efforts to repatriate its supply chain and leverage Spectrum’s infrastructure to produce its OcuLenz AR/XR medical headsets, in compliance with FDA standards on U.S. soil. Ocutrx will also work with Spectrum’s Fortune 500 clients like Lockheed-Martin, Raytheon, Honeywell, Northrop Grumman, Honeybee Robotics, Barber-Nichols, and NASA, which the company noted will help to enable growth opportunities in new non-medical verticals including the aerospace, robotics, 5G, 5G-MEC, automotive, gaming and AR/XR defense markets.
Ocutrx noted that it is leveraging the latest in AR, virtual reality (VR), and AI headset technologies and utilizing the Qualcomm XR-2 Chipset, to build its breakthrough AR devices for healthcare and other verticals. Among the company’s products are its OcuLenz AR headset, which improves the experience of those suffering from Age-Related Macular Degeneration, and its OR-Bot Surgical Visualization Theatre with the ORLenz AR/XR Surgery headset, which is designed to improve ergonomics and visualization for surgeons.
With the Spectrum acquisition, Ocutrx intends to expand its products’ applications within and beyond the medical field, furthering AR integrations globally.
“The acquisition of a revenue positive, EBITDA positive company which can build our OR-Bot 3D Surgery Visualization Theatres and AR headsets in compliance with FDA, CE and MDR standards is a huge milestone for us in controlling our growth” said Ocutrx CEO Michael A. H. Freeman. He added, “The fact that the DOD and Fortune 500 companies are looking more and more for AR/XR and AI solutions creates a unique opportunity out of this business combination integration.”
“Spectrum’s deep relationships with industry leaders will give Ocutrx access to programs and business metrics inside and outside the Medical Device field allowing Ocutrx to broaden its product applications and further integrate AR into global industries,” said Jim Gatzimas who serves the role of Chief Business Development Officer for the consolidated companies.
Ocutrx noted that Spectrum CEO and founder Jeff Riggs will stay on as a minority partner with Ocutrx and will remain CEO of Spectrum for several years, in order to facilitate the full integration of Ocutrx and Spectrum.
The companies did not disclose the acquisition amount.
For more information on Ocutrx and its XR medical device solutions, please visit the company’s website.
Image credit: Ocutrx / Spectrum AMT
About the author
Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.