Antonio Moraes, the grandson of a late prominent Brazilian billionaire, was never interested in joining the family-owned conglomerate of construction companies and a bank. He founded one of Brazil’s first impact funds shortly after graduating from college. The fund primarily invested in companies that improved healthcare accessibility and affordability.
While studying at Stanford University for his master’s degree in business administration and healthcare policy, Moraes decided he wanted to start his own impactful company rather than just investing in others.
In an entrepreneurship class, Moraes and his co-founder, James Wong, visited eyeglass manufacturing factories in China. They discovered that designer frames selling for $600 in the U.S. cost only about $10 to produce. Moraes was shocked by the high markups and saw a problem that needed a solution.
Moraes and Wong founded XP Health in 2018 and later shifted its focus to a digital-first, AI-driven platform offering affordable eye exams and eyewear benefits during the pandemic. XP Health recently secured a $33.2 million Series B funding to continue its mission.
XP Health provides affordable eyewear options sourced directly from factories in Asia. Members can save up to 69% off retail prices while receiving high-quality designer frames with the best-in-class lenses through the company’s online platform.
The AI-powered platform of XP Health recommends glasses based on facial recognition to ensure they fit the member’s style and face shape. Many businesses, including Docusign and Navistar, provide XP Health as a benefit to their employees.
Although the market for affordable eyewear is competitive, XP Health stands out as the only startup challenging traditional vision insurance providers like VSP and EyeMed Vision Care. XP Health offers a corporate benefit, not traditional insurance, making it unique in the industry.
More Stories
Google Wallet tests feature: US passport as digital ID