Eyenuk, a Los Angeles firm that makes expertise for eye screenings, raised $26 million on Monday in a Collection A funding spherical. The spherical, led by AXA IM Alts, brings Eyenuk’s whole funding to greater than $43 million.
The corporate was based in 2010 with a “mission to display screen each eye on this planet” by leveraging its AI-powered illness detection applied sciences, in response to Kaushal Solanki, CEO and founder. He pointed to information from the Facilities for Illness Management and Prevention that reveals that greater than 4.2 million Individuals aged 40 years and older are both legally blind or have low imaginative and prescient.
Age-related eye ailments and power illness issues like diabetic retinopathy or diabetic macular edema are the main causes of blindness and low imaginative and prescient.
“Though many of those ailments are treatable if recognized early, healthcare techniques around the globe haven’t been very efficient in diagnosing and managing these blinding ailments,” Solanki mentioned. “The unacceptable degree of preventable blindness on a worldwide foundation is principally attributable to insufficient entry to eyecare specialists — even in developed international locations — and sufferers’ poor consciousness of the dangers related to these silently progressing blinding ailments.”
Eyenuk is in search of to deal with this challenge by shifting the paradigm from heavy reliance on specialists to widespread use of autonomous AI screening applied sciences. The corporate will use its Collection A funds to get its expertise in as many major care places of work, built-in supply networks and diabetes care places of work as attainable. It will expedite therapy and result in enhancements in well being fairness and entry, illness detection sensitivity and affected person compliance for screening, Solanki mentioned.
Eyenuk’s EyeArt system gives screenings for diabetic retinopathy, which happens when the retina’s blood vessels are broken on account of diabetes. The totally automated screenings embody retinal imaging, diabetic retinopathy grading on worldwide requirements and rapid reporting. As soon as a affected person’s pictures have been captured and submitted to the system, the outcomes grow to be accessible in a PDF report in 10 seconds, in response to Solanki.
The system is a prescription software program system cleared by the FDA to be operated by anybody who has a high-school diploma. However it isn’t the one autonomous AI system cleared by the FDA for greater than delicate detection of diabetic retinopathy — Digital Diagnostics’ IDx-DR product was additionally cleared.
Eyenuk’s system units itself aside as a result of it’s “probably the most extensively validated AI expertise for autonomous detection of diabetic retinopathy,” Solanki claimed. He identified that it has been examined in the actual world on greater than half million sufferers and almost two million retinal pictures. The system’s scientific accuracy has been supported by 13 peer-reviewed publications.
The newest of those was revealed a pair weeks in the past in Ophthalmology Science. The examine concluded that Eyenuk’s system is extra correct than a scientific examination from a basic ophthalmologist or a retina specialist.
The EyeArt system can be extra broadly adopted worldwide than every other autonomous AI expertise for ophthalmology, Solanki claimed. Since its FDA clearance in 2020, the system has been utilized in greater than 200 places in 18 international locations to display screen greater than 60,000 sufferers. Within the U.S., it’s reimbursed by Medicare, Medicaid and industrial well being plans.
Eyenuk sells its expertise to well being plans and a variety of suppliers, together with hospitals, major care clinics, diabetes and endocrinology clinics, eyecare practices, neighborhood well being facilities and federally certified well being facilities. A few of its clients embody Windfall, UnityPoint Well being, Temple College Well being and MaineHealth.
Photograph: Karen Bleier/AFP by way of Getty Photographs