Palo Alto, California-based AI diagnostic maker Pr3vent, Inc. has closed a Series A funding round led by InFocus Capital Partners. While Pr3vent did not disclose the investment amount in its announcement, MedCityNews pegs the round at $1.5 million.
The latest fundraising comes hot off of the heels of Pr3vent’s seed round, which raised $1 million back in October.
What they do
Pr3vent is building artificial intelligence and machine learning-based screening tools specifically tuned to detect ophthalmic conditions in newborns. The screens are not invasive, and seek to identify and address abnormalities early in a child’s development so that future blindness can be prevented.
What it’s for
Cofound Darious Moshfeghi said in a statement that the new backing will allow his company to “accelerate the process of developing our revoluationary imaging system for early detection of preventable vision loss in newborns.”
As AI and machine learning diagnostics gradually pick up steam, a handful of high-profile tools have also decided to focus specifically on the eye as a window into patients’ conditions.
For example, IDx, which raised $33 million in September and secured a De Novo clearance earlier in the year, makes an autonomous screener for diabetic retinopathy. Alphabet’s DeepMind is reporting some promising results for its diagnostic algorithm as well.
On the record
“InFocus Fund I is proud to lead the current round of funding for Pr3vent. We value the company’s innovative AI platform and understand the importance of helping it succeed,” Dr. Ron Weiss, managing partner at InFocus Capital Partners, said in a statement. “Their creation is at the forefront of AI technology in ophthalmology, and we believe it will help prevent avoidable vision loss in children.”