We're very pleased to announce the successful completion of our Convertible Loan Note (CLN) investment round, which reached its target of £1.3 million ahead of closing this past weekend.
This accomplishment comes on the heels of significant advancements in our technological and intellectual property portfolio, including the granting of a crucial patent and the filing of a further new one.
The CLN investment round was a strategic move for the company and was designed to bolster the continued development of our technology whilst also ramping up our sales and marketing activities ahead of the launch of our first product to market the Occuity PM1 Pachymeter in early 2024.
Commenting on the investment's round success, Dan Daly, Co-founder and CEO of Occuity said,
"Over the last few years, we have built an exceptional network of predominantly angel investors, and the successful completion of this investment round is a testament to their faith in our technology, our team and our vision. In the current climate, where investment has become more cautious, this achievement is particularly significant.”
Products Launches and First Revenues
Supported by this funding, Occuity aims to launch two innovative optometry products in 2024: the PM1 Pachymeter, used to support glaucoma diagnosis and the AX1 Axiometer, used in myopia management. Occuity's growing global distributor network, which currently includes 11 distributors across Australasia and Europe, is poised to generate the company's first revenues. With ongoing expansion plans into North and South America, the MENA region, and the Far East, Occuity is set to enhance its global MedTech presence significantly.
Patent Advancements
In tandem with the above commercial developments, Occuity has recently achieved major milestones in its intellectual property development. A key patent covering Occuity's novel high-speed, long-range scanning technology which is core to our entire product portfolio has been granted and a new patent application has been filed as part of its Innovate UK supported SD1 project, which is developing a non-invasive screening tool for diabetes. This aligns with the company's goal of addressing the anticipated rise in diabetes prevalence, predicted to affect 1.3 billion people by 2050.
Through our groundbreaking optical technological platform, Occuity’s goal is to revolutionise the way we approach health diagnostics. By harnessing the eye as a window into the body's health, Occuity's devices will unlock valuable health data, and offer a pain-free, non-invasive method of screening and monitoring chronic conditions such as diabetes and Alzheimer's Disease. This approach is not only innovative but also aligns with the global need for more cost-effective and accessible health monitoring solutions.
Further reflecting on these achievements, Dan Daly, said,
"The success of our CLN investment round, in conjunction with our recent patent milestones and expanding global distribution network, marks a significant moment in Occuity's journey. These achievements not only fortify our technological base but also reinforce our commitment to transforming healthcare through non-invasive ocular diagnostics. These accomplishments speak volumes about the confidence in our vision and the potential of Oculomics."
Whilst the CLN investment round has concluded, we are still extending the opportunity to individuals who can self-certify as sophisticated investors or high-net-worth individuals (HNWI) to invest in Occuity via our EIS eligible equity round.