Occuity has raised £1.3m from angel investors for its non-invasive screening method for chronic diseases.
The Reading startup’s optical technology platform aims to help identify and monitor conditions such as diabetes and Alzheimer’s disease through eye scans.
The company says this approach is consistent with the global need for more cost-effective and accessible health monitoring solutions.
The company has now completed a convertible loan note investment round amid “significant progress” in its technology and intellectual property portfolio, including significant patent grants and new patent applications.
The company plans to launch its first ophthalmic products in early 2024.
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“Over the past few years, we have built an exceptional network of primarily angel investors. The successful completion of this investment round is a testament to their confidence in our technology, our team, and our vision. It’s a testament to that,” said CEO Dan Daly.
“This result is particularly important in the current climate where investments are becoming more cautious.”
Daniele De Iuliis, Design Director at Occuity, spent 27 years at Apple developing iconic products. In 2021, he spoke to TechBlast about his motivations for joining Occuity, detailing how Steve Jobs brought the tech giant back from the brink.
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With the support of this funding, Occuity aims to launch two innovative optometry products in 2024. The PM1 pachymeter, used to support the diagnosis of glaucoma, and the AX1 axiometer, used to manage myopia.
Occuity’s growing global distributor network now includes 11 distributors in Australia and Europe, ready to generate the company’s first revenue. With continued expansion plans into North and South America, the MENA region, and the Far East, Occuity plans to significantly strengthen his MedTech presence worldwide.
Alongside these commercial developments, the business has recently achieved a major milestone in its intellectual property development. A key patent has been granted covering Occuity’s new high-speed long-range scanning technology, which is at the heart of the company’s product portfolio, and a new patent application has been filed as part of his SD1 project supported by Innovate UK. Invasive screening tool for diabetes.
This is in line with the company’s goal to address the increasing prevalence of diabetes, which is predicted to affect 1.3 billion people by 2050.
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