- Brings Eyenuk’s total funding to over $43 million
- Funding round led by AXA IM Alts; joined by T&W Medica A/S, Kendall Capital Partners and others
- Eyenuk adds three new board members
- Funding confirms Eyenuk’s position as a global leader among developers of autonomous AI solutions for ophthalmology
LOS ANGELES, October 17, 2022 /PRNewswire/ — Eyenuk, Inc. (“Eyenuk” or the “Company”), a global artificial intelligence (AI)-based digital health company and the leader in real-world applications for AI Eye Screening™ and AI Predictive Biomarkers™ , announced today it has secured $26 million in a Series A funding round, bringing the company’s total funding to more than $43 million. The capital raise was led by AXA IM Alts and was joined by new and existing investors including T&W Medical A/S, A&C Foelsgaard Alternativer ApS, Kendall Capital Partners and KOFA Healthcare.
Latest Funding Confirms Eyenuk’s Position as a Global Leader in Autonomous AI Innovations in Ophthalmology
Eyenuk will use the capital to expand its AI product platform with additional disease indications and advanced care coordination, and to accelerate the platform’s global commercialization and adoption.
“We are delighted that AXA IM Alts, T&W Medical A/S, A&C Foelsgaard Alternativer ApS, Kendall Capital Partners and our other new and existing investors have joined us in continuing our mission to use AI to screen all around the world to help eliminate preventable vision loss and shift the world to predictive and preventative healthcare,” said Eyenuk CEO and Founder Kaushal Solanki, Ph.D. “Our fundraising series A validation validates the strong commercial performance of the EyeArt® system and provides us with essential resources as we expand the capabilities of our platform this year to include additional disease detection solutions.”
Today’s announcement follows the publication on September 29, 2022 of a major peer-reviewed study in Sciences of ophthalmology, a publication of the American Academy of Ophthalmology. The study revealed that the eye art The AI system is much more sensitive in identifying referral diabetic retinopathy than dilated eye exams by ophthalmologists and retinal specialists.
Eyenuk is leading the way in harnessing the power of AI to eliminate preventable blindness globally, through its versatile digital health platform that enables automated AI diagnosis and care coordination. Eyenuk’s flagship eye art The AI system has been more widely adopted globally than any other stand-alone AI technology for ophthalmology. Since its FDA clearance in 2020, the eye art The system has been used at over 200 sites in 18 countries, including 14 US states, to screen over 60,000 patients and counting. It is the first and only technology to be FDA cleared for stand-alone detection of referable and vision-threatening diabetic retinopathy without the intervention of an eye care specialist.
The eye art is reimbursed by Medicare in the United States and has regulatory approvals globally, including CE marking, Health Canada licensing and approvals in several markets in Latin America and the Middle East.
AXA IM Alts, a global leader in alternative investments with c. €184 billion in assets under management, invested in Eyenuk as part of its impact investment strategy, aiming to generate measurable and intentional social results through its investments, while offering competitive long-term financial returns .
“We continue to be very impressed with the accomplishments of the Eyenuk team in developing and commercializing at scale a cost-effective solution to one of the world’s most pressing health issues: the enormous burden world of preventable vision loss that progresses without any symptoms,” said Zina Affas. Besse, PhD, Deputy Head of Healthcare Private Equity for AXA IM Alts. “Our partnership is the perfect example of our goal to have tangible impact through our investments around the world as well as significant financial returns.”
The $26 million Series A capital increase includes the conversion into Series A securities of approximately $6.2 million of previously raised convertible notes.
New board members
As part of the capital increase, Rob Binney joined Eyenuk’s Board of Directors as Chairman of the Board. Binney is a seasoned executive with 25 years of combined senior management experience in the medical device and pharmaceutical industries. Also join the Board of Directors Zina Affas-Besseand Marie Louise Little, Director of Strategy and Business Development at T&W Medical A/S. New board members will join existing members Manish Potti and Solanki.
“At T&W Medical A/S, we are proud to invest in Eyenuk’s innovative medical AI platform, which is rapidly becoming a global force in the effort to eliminate preventable vision loss,” said said Little. “We look forward to supporting the company as it accelerates global market penetration and product development.”
“In my quarter century of leading pharmaceutical and medical device companies, I have rarely seen a company as well positioned to dominate a new market as Eyenuk,” Binney said. “The combination of cutting-edge technology, outstanding clinical evidence, visionary leadership, and the ability to solve one of the world’s biggest health challenges makes Eyenuk a potential success. I look forward to helping the team achieve its next phase of business growth.
About AXA IM Alts
AXA IM Alts is a global leader in alternative investments with c. 184 billion euros in assets under management comprising approximately €88 billion of primarily private real estate, over €85 billion of private debt and alternative credit, as well as over €11 billion of infrastructure, private equity and hedge funds. We take a 360° approach to real estate and infrastructure investing with over €131 billion of assets under management in direct opportunities, held indirectly through listed debt and equity and through long-term private equity investments in operating platforms. ESG is fully integrated into our investment decision-making processes with our responsible investment approach anchored on the three key pillars of decarbonization, resilience and building tomorrow. AXA IM Alts employs more than 800 people in 17 offices around the world and serves the needs of more than 500 clients in Europe, North America, Asia-Pacific and the Middle East. We are the leading real estate portfolio and asset manager in Europeand one of the largest in the world.1 Source: AXA IM Alts data (unaudited) as of June 30, 2022.2 Source: IPE Top 150 Real Estate Investment Managers, November/December 2021. Leading real estate investment manager in Europe on the basis of total European real estate assets under management.
About Eyenuk, Inc.
Eyenuk, Inc. is a global artificial intelligence (AI)-based digital health company and the leader in real-world AI Eye Screening™ for autonomous disease detection and AI Predictive Biomarkers™ for assessment risk and disease surveillance. Eyenuk’s mission is to screen all eyes worldwide to ensure timely diagnosis of life-threatening and sight-threatening diseases including diabetic retinopathy, glaucoma, age-related macular degeneration, risk of stroke brain, cardiovascular risk and Alzheimer’s disease. Find Eyenuk online on its website, TwitterFacebook and LinkedIn.
About eye art AI system
The eye art AI System provides fully self-contained diabetic retinopathy (DR) screening, including retinal imaging, DR detection based on international clinical standards, and immediate notification, in a single office visit during regular examination of a diabetic patient. Once the patient’s fundus images have been captured and subjected to eye art AI System, DR detection results are available in a PDF report in less than 30 seconds.
The eye art AI System was developed with funding from the US National Institutes of Health (NIH) and is validated by the UK National Health Service (NHS). In addition to 510(k) clearance from the U.S. Food and Drug Administration (FDA), the eye art AI System has CE marking as a class 2a medical device in the European Union and a license from Health Canada. It is designed to be compliant with the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
The eye art AI System is reimbursable by government and private payers in the United States under the new Category 1 Current Procedural Terminology (CPT) code 92229.
Learn more about the eye art AI system for autonomous detection of diabetic retinopathy by watching this video.
Media inquiries:Todd Stein510-417-0612[email protected]
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