AI-powered eye screening platform Eyenuk raises $25M

Eyenuk obtained $25 million in Sequence A funding to broaden 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 complete funding to $43 million.

The Sequence A increase consists of roughly $6.2 million beforehand raised in convertible notes transformed to Sequence A securities.

WHAT THEY DO

The corporate’s EyeArt AI software program, which obtained 510(okay) clearance from the FDA in 2020, permits for autonomous DR screening, together with retinal imaging, DR detection and rapid reporting throughout a affected person’s common examination. After the affected person’s fundus photos are captured and submitted to EyeArt, outcomes are offered through a PDF report in lower than 30 seconds.

The announcement follows a examine revealed 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 larger sensitivity for detecting mtmDR than normal ophthalmologists or retina specialists. 

Eyenuk will use the not too long ago garnered Sequence A funds to broaden 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 Sequence B funding. 

Its IDx-DR system detects diabetic retinopathy, which may trigger imaginative and prescient loss and blindness in individuals with diabetes. The IDx-DR product obtained FDA De Novo clearance in 2018. 

Google has additionally been exploring utilizing AI for diagnostics, creating its product for detecting diabetic retinopathy referred to 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 images of the skin of the attention might detect problems.