NovaSight raises $8m to develop AI vision care
July 28, 2020
Israeli start-up NovaSight, a developer of vision care methods using artificial intelligence (AI) and eye tracking technology, has raised $8m in its round A financing.
The funds will be used to advance research in a large multi-centre randomised study that will support US FDA 510(k) clearance for its lazy eye treatment device and for the development of future eye care products such as eye tracking based active glasses for myopia control.
Myopia (near-sightedness) has become a pandemic, affecting one third of the world’s population, increasing risk of visual impairments and even blindness later in life. The WHO predicts that over half of the world population will suffer from myopia by 2050. Additional pipeline products would allow for automatic detection and monitoring of retinal diseases and cognitive dysfunctions such as dyslexia and ADHD.
"We're excited to receive this vote of confidence from our current and new investors and to continue to move forward in battling vision disorders,” said NovaSight CEO Ran Yam. “We're proud of the impact our products are having on improving patient quality of life in a fun and easy way. Our focus is on the hundreds of millions of children who suffer from vision disorders and if left undiagnosed and untreated can lead to significant eye health problems in adulthood. During Covid-19, when alternative healthcare diagnosis and treatment methods are required, we're putting emphasis on continuing to develop telehealth. Our products are ideally positioned for remote diagnostics and home treatment."
The round was led by Rimonci Capital and joined by strategic investors from pharmaceutical and medical device industries. Prior to this round the company raised $8m for a total of $16m.
"We're pleased to strengthen the partnership with NovaSight, a key player changing the eye care landscape with their novel technology which aligns perfectly with our investment strategy," said Rimonci Capital CEO Richel Liu.
NovaSight focuses on bringing paediatric vision care into the digital age. Founded in 2016, it has experienced rapid growth by delivering complete end-to-end AI and eye tracking-based products for accurate screening and treatment of early vision disorders.
It has two flagship products. The CureSight system is an eye-tracking based lazy eye treatment intended to replace traditional eye patching. It provides cloud monitoring to caregivers and physicians while the child watches their content of choice from the comfort of home. The EyeSwift system is a portable vision assessment device that accurately and objectively screens for multiple vision impairments within seconds.