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Eyenuk obtained $25 million in Collection A funding to increase entry to its AI-powered eye-screening know-how that permits autonomous detection of diabetic retinopathy (DR) throughout a affected person’s common examination.
The latest increase was led by AXA IM Alts and joined by new and present buyers, together with A&C Foelsgaard Alternativer ApS, T&W Medical A/S, KOFA Healthcare and Kendall Capital Companions. It brings the corporate’s whole funding to $43 million.
The Collection A increase consists of roughly $6.2 million beforehand raised in convertible notes transformed to Collection A securities.
WHAT IT DOES
The corporate’s EyeArt AI software program, which obtained 510(ok) clearance from the FDA in 2020, permits for autonomous DR screening, together with retinal imaging, DR detection and speedy reporting throughout a affected person’s common examination. After the affected person’s fundus pictures 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 basic 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 basic ophthalmologists or retina specialists.
Eyenuk will use the just lately garnered Collection A funds to increase its AI product platform with extra illness indications and speed up the corporate’s international commercialization.
MARKET SNAPSHOT
In August, AI-enabled diagnostics firm Digital Diagnostics, previously IDx, which additionally presents an AI-backed eye care system to detect diabetic retinopathy, introduced it scored $75 million in a Collection 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 obtained FDA De Novo clearance in 2018.
Google has additionally been exploring utilizing AI for diagnostics in growing its product for detecting diabetic retinopathy known as Automated Retinal Illness Evaluation (ARDA). In March, the tech big offered updates on its healthcare instruments, noting it will proceed analysis on ARDA to find out whether or not pictures of the skin of the attention may detect issues.
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