Antonio Moraes, a descendent of a renowned Brazilian billionaire, had a different vision from his family’s legacy of construction companies and banks. Instead, he ventured into the world of impact investing in healthcare accessibility, only to realize his calling lay elsewhere.
After completing his studies at Stanford University and obtaining a master’s degree in business administration and healthcare policy, Moraes embarked on a new journey. As part of an entrepreneurship class, he explored the eyeglass industry with James Wong, an engineering student. Their discovery of exorbitant markups on designer frames sparked an idea.
The duo recognized the disparity between the high cost of eyewear in the U.S. and its inexpensive production. Seeing the need for affordable vision care, Moraes and Wong founded XP Health in 2018. Amid the pandemic, the startup pivoted to a digital platform offering AI-driven eye care solutions at lower costs than conventional vision insurance plans.
With a recent $33.2 million Series B funding, XP Health continues to revolutionize the eyewear market. By sourcing frames and lenses directly from Asian factories and eliminating markups, the company ensures its members can save up to 69% on eyeglasses retail prices. Moreover, the AI-powered platform provides personalized recommendations based on facial recognition technology.
XP Health’s success is evident in its growing clientele, which includes corporate giants like Docusign and Chegg. Collaborations with insurance providers like Guardian Life Insurance further solidify its impact. Despite competing with established players like VSP and EyeMed Vision Care, XP Health stands out as a disruptive force in the industry.
In a market saturated with direct-to-consumer eyewear brands, XP Health distinguishes itself by challenging the status quo of vision insurance. By offering corporate benefits rather than traditional insurance, the company aims to democratize eyewear access. As Moraes aptly puts it, XP Health is not just a company – it’s a movement towards affordable and quality eye care for all.
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