Occuity has raised £1.3 million from angel investors for its non-invasive method of screening for chronic conditions.
The Reading startup’s optical technological platform aims to support identification of conditions such as diabetes and Alzheimer’s Disease – and also to help monitor them – through eye scans.
It says this approach aligns with the global need for more cost-effective and accessible health monitoring solutions.
Now it has completed a convertible loan note investment round amid ‘significant advancements’ in the company’s technological and intellectual property portfolio, including the granting of a crucial patent and the filing of a further new one.
It expects to launch its first ophthalmic products early in 2024.
“Over the last few years, we have built an exceptional network of predominantly angel investors, and the successful completion of this investment round is a testament to their faith in our technology, our team and our vision,” said Dan Daly, CEO.
“In the current climate, where investment has become more cautious, this achievement is particularly significant.”
Occuity’s design director Daniele De Iuliis spent 27 years working on iconic products at Apple. In 2021 he recounted to TechBlast how Steve Jobs had pulled the tech giant back from the brink while explaining his motivation for joining Occuity.
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Supported by this funding, Occuity aims to launch two innovative optometry products in 2024: the PM1 Pachymeter, used to support glaucoma diagnosis and the AX1 Axiometer, used in myopia management.
Occuity’s growing global distributor network, which currently includes 11 distributors across Australasia and Europe, is poised to generate the company’s first revenues. With ongoing expansion plans into North and South America, the MENA region, and the Far East, Occuity is set to enhance its global MedTech presence significantly.
In tandem with these commercial developments, the business has recently achieved major milestones in its intellectual property development. A key patent covering Occuity’s novel high-speed, long-range scanning technology which is core to the company’s product portfolio has been granted and a new patent application has been filed as part of its Innovate UK supported SD1 project, which is developing a non-invasive screening tool for diabetes.
This aligns with the company’s goal of addressing the anticipated rise in diabetes prevalence, predicted to affect 1.3 billion people by 2050.