- Brings Eyenuk’s total funding to over $43 million
- Funding Round Led by AXA IM Alts; T&W Medica A/S, Kendall Capital Partners and others have joined
- Eyenuk adds three new board members
- The funding confirms Eyenuk’s position as the world’s leading developer of autonomous AI solutions for ophthalmology
LOS ANGELES, October 17, 2022 /PRNewswire/ — Eyenuk, Inc. (“Eyenuk” or the “Company”), a global artificial intelligence (AI) digital health company and leader in real-world applications for AI Eye Screening™ and AI Predictive Biomarkers™, announced today known it has secured $26 million in a Series A funding round, exceeding the company’s total funding $43 million. The capital raising was led by AXA IM Alts and was supported by new and existing investors including T&W Medical A/S, A&C Foelsgaard Alternativer ApS, Kendall Capital Partners and KOFA Healthcare.
Eyenuk will use the capital to expand its AI product platform with additional disease indications and advanced treatment coordination, and to accelerate global commercialization and launch of the platform.
“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 are joining us in advancing our mission to use AI to blind every eye in the world investigating to help eliminate preventable vision loss and transition the world to predictive and preventive healthcare,” said Eyenuk CEO and Founder Kaushal Solanki, Ph.D. “Our Series A fundraiser validates the strong market performance of the EyeArt® system and provides us with important resources as we expand our platform capabilities this year to include solutions to detect additional diseases.”
Today’s announcement follows the September 29, 2022 Publication of a large peer-reviewed study in ophthalmology, a publication of the American Academy of Ophthalmology. The study found that the EyeArt The AI system is far more sensitive in identifying a referable diabetic retinopathy than dilated eye exams by ophthalmologists and retinal specialists.
Eyenuk is a leader in harnessing the power of AI to eliminate preventable blindness worldwide through its versatile digital health platform that enables automated AI diagnosis and care coordination. Eyenuk’s flagship EyeArt The AI system has been adopted more widely around the world than any other autonomous AI technology for ophthalmology. Since its FDA approval in 2020, the EyeArt The system has been deployed 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 approved by the FDA for the autonomous detection of transmissible and vision-threatening diabetic retinopathy without the involvement of an ophthalmologist.
That EyeArt System is reimbursed by Medicare in the US and has regulatory approvals worldwide, including CE Mark, Health Canada Licensed and approvals in multiple 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 through its impact investing strategy, aiming to deliver measurable and intended social outcomes through its investments while delivering competitive long-term financial returns.
“We continue to be very impressed with the achievements of the Eyenuk team in the development and broad commercialization of a cost-effective solution to one of the world’s most pressing health problems – the enormous global burden of preventable vision loss that progresses without symptoms,” said Zina Affa’s Besse, PhD, Associate Head of Healthcare Private Equity at AXA IM Alts. “Our partnership is the perfect example of our goal to create tangible impact through our investments around the world, alongside significant financial returns.”
The Series A capital increase of $26 million involves the conversion into Series A securities of approx $6.2 million in previously included convertible bonds.
New board members
As part of the capital increase Rob Binney has joined Eyenuk’s Board of Directors as Chairman of the Board. Binney is a seasoned executive with 25 years of combined leadership experience in the medical device and pharmaceutical industries. Also on the board Zina Affa’s Besseand Marie Louise Little, Director of Strategy and Business Development at T&W Medical A/S. The new board members join the existing members man Potti and Solanki.
“We at T&W Medical A/S are proud to invest in Eyenuk’s innovative AI healthcare platform, which is fast becoming a global force in the effort to eliminate preventable vision loss,” said Little. “We look forward to helping the company accelerate global market penetration and product development.”
“In my quarter century as a leading medical device and pharmaceutical company, I have rarely seen a company as well positioned to dominate a new market as Eyenuk,” said Binney. “The combination of breakthrough technology, exceptional clinical evidence, visionary leadership and the ability to solve one of global health’s biggest problems makes Eyenuk a potentially game-changing success story. I look forward to helping the team achieve its next phase of commercial growth.”
About AXA IM Alts
AXA IM Alts is a leading global alternative investments company with c. €184 billion in assets under management[1] The portfolio includes approximately €88 billion in primarily private real estate, over €85 billion in private debt and alternative credit, and over €11 billion in infrastructure, private equity and hedge funds. We take a 360° approach to real estate and infrastructure investing with over 131 billion assets under management. ESG is fully integrated into our investment decision-making processes, with our responsible investing approach based on the three main pillars of decarbonization, resilience and building the future. AXA IM Alts employs over 800 people in 17 offices around the world and serves the needs of more than 500 customers Europe, North America, Asia Pacific and middle East. We are the leading real estate portfolio and wealth manager in Europe[2]and one of the largest in the world.
1 Source: Data from AXA IM Alts (unaudited) as of date June 30, 2022.
2 Source: IPE Top 150 Real Estate Investment Managers, November/December 2021. #1 Real Estate Investment Manager in Europe based on total real estate assets under management in Europe.
About Eyenuk, Inc.
Eyenuk, Inc. is a global artificial intelligence (AI) digital healthcare company and a leader in real-world AI Eye Screening™ for autonomous disease detection and AI Predictive Biomarkers™ for risk assessment and disease surveillance. Eyenuk is committed to examining every eye in the world to ensure timely diagnosis of life- and vision-threatening diseases, including diabetic retinopathy, glaucoma, age-related macular degeneration, risk of stroke, cardiovascular risk and Alzheimer’s disease. Find Eyenuk online at his website, Twitter, Facebookand LinkedIn.
About the EyeArt AI system
That EyeArt The AI system provides fully autonomous diabetic retinopathy (DR) screening, including retinal imaging, DR detection based on international clinical standards, and instant reporting, in a single physician visit during a diabetic’s regular assessment. Once the patient’s fundus images have been captured and sent to the EyeArt AI System, the DR detection results are available in a PDF report in less than 30 seconds.
That EyeArt The AI system was developed with funding from the US National Institutes of Health (NIH) and validated by the UK National Health Service (NHS). In addition to the U.S. Food and Drug Administration (FDA) 510(k) clearance, the EyeArt AI System is CE marked as a Class 2a medical device in the European Union and has a Health Canada license. It is designed to be compliant with the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
That EyeArt The AI system is eligible for reimbursement by US government and private payers under newly created Current Procedural Terminology (CPT) code 92229 Category 1.
Learn more about the EyeArt AI system to autonomously detect diabetic retinopathy by watching this video.
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