Occuity are delighted to announce the successful raise of more than £1m. The raise will enable us to continue the development of novel optical products to screen, diagnose and monitor chronic health conditions such as diabetes and Alzheimer’s Disease.
The raise, which was supported by Angel Investment Network, took just five months, in spite of COVID-19 preventing face to face meetings. The fundraise will enable Occuity to continue product development, regulatory approval and further R&D.
Our first product, a non-contact pachymeter, will help opticians diagnose glaucoma. Further products will screen for diabetes, Alzheimer’s Disease and will non-invasively monitor glucose levels for those with diabetes. These non-invasive optical devices work by detecting markers that the body deposits in the eye.
Occuity already has an advanced prototype of the handheld pachymeter which meets market accuracy and usability requirements and we are now finalising the production version that will undergo clinical trials and CE marking early in 2021 and pachymeter sales will enable Occuity to be revenue generating in Q2 2021 and further R&D on our other products.
Founder and CEO Dr. Dan Daly explained: “Occuity’s mission is to revolutionise disease detection by making it non-contacting and pain free. There is nothing else like our product on the market and it is the result of many years of R&D from some of the world’s best medical minds. This fundraise enables us to continue to build the team and to develop products. We are initially focusing on optometry and diabetes but believe we can transform how many of the world’s most prevalent, chronic diseases are detected and managed.”
According to Ed Stephens, Global Head of Brokerage at AIN: “Healthcare is one of the areas of biggest interest to our investor database. In the year of a global pandemic this is perhaps no surprise - but this business really did tick all the boxes for our investors. They have patent-protected IP with a product developed by a team with extensive medical experience. They also have a track record of high value medical and technology exits. We look forward to seeing the development of this business and its potential ability to improve the lives of millions of people.”
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