Israel-based startup specialising in AI vision care, NovaSight, has announced that it has finalised its round A financing totalling $8 million.
The round was led by venture capital firm, Rimonci Capital and joined by strategic investors from both pharmaceutical and medical device industries.
Prior to this round, the company raised $8 million for a total of $16 million.
WHY IT MATTERS
The funds will be used to progress research in a large multi-center randomised pivotal study that will support FDA 510(k) clearance for its lazy eye treatment device.
It will also assist in the development of future eye care products such as innovative eye tracking based active glasses for myopia control.
THE LARGER CONTEXT
Myopia has become a global epidemic in the 21st century, affecting one third of the population. It can increase the risk of visual impairments and potentially lead to blindness later in life.
The World Health Organisation (WHO) predicts that over half of the world population will suffer from myopia by 2050.
NovaSight plans to work on additional products that would allow for automatic detection and monitoring of retinal diseases and cognitive dysfunctions such as dyslexia and ADHD.
ON THE RECORD
NovaSight CEO, Ran Yam said: "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. 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 solutions. Our products are ideally positioned for remote diagnostics and home treatment."