Occuity Raises £1.3 Million to Revolutionize Ocular Diagnostics
Occuity, a pioneering company in the field of Oculomics, has successfully completed its Convertible Loan Note (CLN) investment round, raising £1.3 million. This achievement follows significant advancements in the company's technology and intellectual property portfolio, including the granting of a crucial patent and the filing of a new one. The investment round aims to support the continued development of Occuity's technology and increase its sales and marketing activities in preparation for the launch of its first ophthalmic products in 2024.
Dan Daly, CEO of Occuity, expressed his gratitude for the faith that investors have shown in the company: "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.
In the current climate, where investment has become more cautious, this achievement is particularly significant."
With the funding received, Occuity plans to introduce two innovative optometry products in 2024: the PM1 Pachymeter for glaucoma diagnosis support, and the AX1 Axiometer for myopia management. The company's global distributor network, currently consisting of 11 distributors across Australasia and Europe, is expected to generate Occuity's first revenues. The company also has expansion plans for North and South America, the MENA region, and the Far East, aiming to strengthen its presence in the global MedTech industry.
In addition to its commercial success, Occuity has made significant progress in intellectual property development. A key patent covering the company's high-speed, long-range scanning technology has been granted, and a new patent application has been filed as part of the Innovate UK supported SD1 project, which focuses on developing a non-invasive screening tool for diabetes. This aligns with Occuity's goal of addressing the expected rise in diabetes prevalence, predicted to affect 1.3 billion people by 2050.
Occuity's optical technological platform aims to revolutionize health diagnostics by utilizing the eye as a gateway to valuable health data. The company's devices offer a pain-free, non-invasive method of screening and monitoring chronic conditions such as diabetes and Alzheimer's Disease. This approach not only embraces innovation but also meets the global demand for more cost-effective and accessible health monitoring solutions.
Dr. Dan Daly, CEO and Co-founder of Occuity, highlighted the significance of these achievements: "The success of our CLN investment round, along with our recent patent milestones and expanding global distribution network, marks a significant moment in Occuity's journey. These accomplishments not only strengthen our technological foundation but also reaffirm our commitment to transforming healthcare through non-invasive ocular diagnostics. They speak volumes about the confidence in our vision and the potential of Oculomics."
About Occuity
Occuity specializes in the development of non-invasive optical devices for disease screening and monitoring. The company focuses on enhancing health understanding through ocular solutions, aiming to detect diseases early and improve disease management.
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