Occuity launches new investment round to capitalise on new opportunity
Updated: Jun 27
Occuity are now opening a new funding round to provide the company with the capital necessary to advance its long-term screening and monitoring products, while completing the PM1 path to revenue and capitalising on a very attractive new opportunity.
This new investment round will provide new and existing shareholders with an opportunity to invest in Occuity at a very exciting point in its evolution.
As Occuity have progressed both the PM1 Pachymeter and the GM1 Glucose meter, it has significantly improved its technology and has filed a number of new patents. These innovations have enabled the engineering team to combine technical elements from both the PM1 and the GM1 to create a handheld, non-contacting meter that can measure the 'Axial Length' of the eye in just a few seconds. Axial length is the key measurement required for myopia management in children – probably the fastest growing market in the global Ophthalmic sector today. Such is the size of the opportunity, and with interest in the market growing, Occuity has already developed a handheld prototype and successfully demonstrated its performance against existing larger, far more expensive desktop meters. The AX1 Axiometer is set to revolutionise the way this key measurement is made.
Importantly, Occuity are not intending to develop this device in isolation but are involved in partnership discussions with several of the leading myopia management suppliers in this multi-billion dollar market. Negotiations are ongoing and are centred around a combination of advanced purchase orders and, potentially, an equity investment. Occuity are confident that a partnership agreement will be secured with one or more of these global corporations by the end of 2022.
Occuity are pleased to provide an executive summary and a full Investment Memorandum (for HNW, sophisticated and professional investors) which outlines in more detail our progress on each of our projects and provides an update on our commercial traction. More detail on each of the products is provided in the appendices along with technical information and details of the individual market opportunities and competition.
Commenting on the new round CEO, Dan Daly said:
"The Board continues to project sustained revenue growth and believes that the combination of the PM1 coming to market, coupled with a potentially-huge commercial pipeline for the AX1, means that the company anticipates a significant valuation increase once these events are realised."
As in its previous round, Occuity additionally plan to offer our community of friends and followers the opportunity to invest in our business by providing a crowdfunding element to the round. More details on this will be announced in due course.
Occuity will be hosting a number of investment focused webinars with Q&A sessions and will be providing the opportunity to join us for a technology showcase day at our Reading headquarters. More details and links can be found below.