Eyenuk, a medical imaging company that provides an AI-powered eye screening system for autonomous detection of diabetic retinopathy, completed a financing round of $6.2 million led by AXA IM through AXA IM Alts, an alternative investment firm with existing investors.
Eyenuk plans to use the new proceeds to accelerate the commercialization of its EyeArt AI System, which received FDA clearance in 2020 and is being reimbursed by Medicare and other payors.
“We are thrilled to welcome new institutional investors to the Eyenuk team,” said Kaushal Solanki, Ph.D., Founder, and CEO of Eyenuk. “We look forward to working with AXA IM Alts and other investors, who share Eyenuk’s vision of creating globally accessible AI platform technology that can enable drastic reduction of preventable blindness across the world.”
According to the company, the EyeArt AI System provides fully automated DR screening, including retinal imaging, DR detection, and immediate reporting. Once the patient’s fundus images have been captured and submitted to the EyeArt AI System, the DR detection results are available in a PDF report in less than 30 seconds.
AXA IM Alts’ investment in Eyenuk was advised by Dr. Zina Affas Besse, Managing Partner at Global Health Investment Advisors (GHIA), an impact investing in life science companies. “We are very impressed with all that the Eyenuk team has accomplished to date,” said Dr. Affas Besse. “We look forward to supporting the company as it accelerates global commercialization and pipeline development programs.”
“We are excited about Eyenuk’s business potential as evidenced by Eyenuk’s impressive business and clinical accomplishments to date,” said Jonathan Dean, Head of Impact Investing at AXA IM Alts. “We are proud to invest in some of the most innovative technologies that address major public health issues worldwide while searching to generate attractive social and financial returns. Eyenuk’s innovative healthcare AI technologies aim to deliver tangible impact around the world alongside attractive financial returns.”
Medical Imaging companies raised $86 million in the first half of 2021. Recently, Aidoc, an AI-powered medical imaging company, announced a $66 million investment round, bringing its total funding to $140 million.