Eyenuk acquired $25 million in Sequence A funding to broaden entry to its AI-powered eye-screening expertise that allows autonomous detection of diabetic retinopathy (DR) throughout a affected person’s common examination.
The current elevate was led by AXA IM Alts and joined by new and current traders, together with A&C Foelsgaard Alternativer ApS, T&W Medical A/S, KOFA Healthcare and Kendall Capital Companions. It brings the corporate’s complete funding to $43 million.
The Sequence A elevate contains roughly $6.2 million beforehand raised in convertible notes transformed to Sequence A securities.
WHAT IT DOES
The corporate’s EyeArt AI software program, which acquired 510(ok) clearance from the FDA in 2020, permits for autonomous DR screening, together with retinal imaging, DR detection and quick reporting throughout a affected person’s common examination. After the affected person’s fundus photographs are captured and submitted to EyeArt, outcomes are offered through a PDF report in lower than 30 seconds.
The announcement follows a study printed in September in Ophthalmology Science the place researchers in contrast normal ophthalmologists, Eyenuk’s EyeArt Synthetic Intelligence (AI) system and retina specialists for detecting greater than delicate DR (mtmDR). Outcomes confirmed the AI system had increased sensitivity for detecting mtmDR than normal ophthalmologists or retina specialists.
Eyenuk will use the just lately garnered Sequence A funds to broaden its AI product platform with further illness indications and speed up the corporate’s world commercialization.
MARKET SNAPSHOT
In August, AI-enabled diagnostics firm Digital Diagnostics, previously IDx, which additionally affords an AI-backed eye care system to detect diabetic retinopathy, introduced it scored $75 million in a Sequence B funding.
Its IDx-DR system detects diabetic retinopathy, which might trigger imaginative and prescient loss and blindness in folks with diabetes. The IDx-DR product acquired FDA De Novo clearance in 2018.
Google has additionally been exploring utilizing AI for diagnostics in creating its product for detecting diabetic retinopathy known as Automated Retinal Illness Evaluation (ARDA). In March, the tech large offered updates on its healthcare instruments, noting it could proceed analysis on ARDA to find out whether or not photographs of the surface of the attention might detect issues.