Eyenuk secures $26 Million Series A funding to accelerate global access to AI-powered eye-screening technology

• Brings Eyenuk’s whole funding to over $43 million
• Funding spherical led by AXA IM Alts; joined by T&W Medica A/S, Kendall Capital Partners, and others
• Eyenuk provides three new board members
• Funding affirms Eyenuk’s standing because the global chief amongst builders of autonomous AI options for ophthalmology

LOS ANGELES, Oct. 17, 2022 /PRNewswire/ — Eyenuk, Inc. (“Eyenuk” or “Company”), a global synthetic intelligence (AI) digital well being firm and the chief in real-world functions for AI Eye Screening™ and AI Predictive Biomarkers™, at the moment introduced it has secured $26 million in a Series A financing spherical, bringing the Company’s whole funding to over $43 million. The capital increase was led by AXA IM Alts and was joined by new and present buyers together with T&W Medical A/S, A&C Foelsgaard Alternativer ApS, Kendall Capital Partners, and KOFA Healthcare.

Eyenuk will use the capital to broaden its AI product platform with further illness indications and superior care coordination, and to accelerate the platform’s global commercialization and adoption.

“We are thrilled that AXA IM Alts, T&W Medical A/S, A&C Foelsgaard Alternativer ApS, Kendall Capital Partners, and our other new and existing investors have joined us in furthering our mission of using AI to screen every eye in the world to help eliminate preventable vision loss and transition the world to predictive and preventative healthcare,” mentioned Eyenuk CEO and Founder Kaushal Solanki, Ph.D. “Our Series A fundraise validates the strong market performance of the EyeArt® system and provides us with critical resources as we expand our platform capabilities this year to include solutions for detecting additional diseases.”

Today’s announcement follows the Sept. 29, 2022 publication of a serious peer-reviewed examine in Ophthalmology Science, a publication of the American Academy of Ophthalmology. The examine discovered that the EyeArtwork AI system is way extra delicate in figuring out referable diabetic retinopathy than dilated eye exams by ophthalmologists and retina specialists.

Eyenuk is main the way in which in harnessing the ability of AI to eradicate preventable blindness globally, by means of its versatile digital well being platform that permits automated AI analysis and coordination of care. Eyenuk’s flagship EyeArtwork AI system has been extra broadly adopted worldwide than every other autonomous AI technology for ophthalmology. Since its FDA clearance in 2020, the EyeArtwork system has been utilized in over 200 areas in 18 nations, together with 14 U.S. states, to display over 60,000 sufferers and counting. It is the primary and solely technology to be cleared by the FDA for autonomous detection of each referable and vision-threatening diabetic retinopathy with none eye care specialist involvement.

The EyeArtwork system is reimbursed by Medicare within the US, and has regulatory approvals globally, together with CE Marking, Health Canada license, and approvals in a number of markets in Latin America and the Middle East.

AXA IM Alts, a global chief in various investments with c. €184 billion of property below administration, invested in Eyenuk by means of its impression investing technique, aiming to generate by means of its investments measurable and intentional social outcomes, whereas delivering long-term aggressive monetary returns.

“We continue to be very impressed with the Eyenuk team’s accomplishments in developing and broadly commercializing a cost-effective solution to one of the world’s most pressing healthcare concerns—the enormous global burden of preventable vision loss that progresses without any symptoms,” mentioned Zina Affas Besse, PhD, Deputy Head of Healthcare Private Equity for AXA IM Alts. “Our partnership is the perfect example of our aim to deliver tangible impact via our investments around the world alongside significant financial returns.”

The Series A capital increase of $26 million consists of the conversion to Series A securities of roughly $6.2 million in convertible notes raised beforehand.

As a part of the capital increase, Rob Binney has joined the Eyenuk Board of Directors because the Board’s Chair. Binney is a veteran government with 25 years of mixed senior management expertise within the medical system and pharmaceutical industries. Also becoming a member of the board are Zina Affas Besse, and Marie-Louise Little, Director of Strategy and Business Development at T&W Medical A/S.  The new board members will be a part of present members Manish Potti and Solanki.

“We at T&W Medical A/S are proud to invest in Eyenuk’s innovative healthcare AI platform, which is fast becoming a global force in the effort to eliminate preventable vision loss,” mentioned Little. “We look forward to supporting the company as it accelerates global market penetration and product development.”

“In my quarter century of leading medical device and pharma companies, I have seldom seen a company as well positioned to dominate a new market as Eyenuk,” mentioned Binney. “The combination of breakthrough technology, exceptional clinical evidence, visionary leadership and the ability to solve one of the biggest problems in global health makes Eyenuk a potential breakout success story. I look forward to helping the team achieve its next phase of commercial growth.”

AXA IM Alts is a global chief in various investments with c. €184 billion of property below administration[1] comprising c.€88 billion of primarily non-public actual property, over €85 billion of personal debt and various credit score, in addition to over €11 billion in Infrastructure, non-public fairness and hedge funds. We take a 360° strategy to actual property & infrastructure investing with over €131 billion of property below administration in direct alternatives, held not directly by means of debt and listed equities and by way of long run non-public fairness investments into working platforms. ESG is totally built-in into our funding choice making processes with our accountable funding strategy anchored by the three key pillars of decarbonisation, resilience and constructing tomorrow. AXA IM Alts employs over 800 folks situated in 17 places of work world wide and serves the wants of greater than 500 purchasers from Europe, North America, Asia Pacific and Middle East. We are the primary property portfolio and asset supervisor in Europe[2], and one of many largest worldwide.

1 Source: AXA IM Alts information (unaudited) as of 30 June 2022.

2 Source: IPE Top 150 Real Estate Investment Managers, November/December 2021. #1 actual property funding supervisor in Europe primarily based on whole European actual property property below administration.

Eyenuk, Inc. is a global synthetic intelligence (AI) digital well being firm and the chief in real-world AI Eye Screening™ for autonomous illness detection and AI Predictive Biomarkers™ for danger evaluation and illness surveillance. Eyenuk is on a mission to display each eye on this planet to guarantee well timed analysis of life- and vision-threatening illnesses, together with diabetic retinopathy, glaucoma, age-related macular degeneration, stroke danger, cardiovascular danger, and Alzheimer’s illness. Find Eyenuk on-line on its web site, Twitter, Facebook, and LinkedIn. 

The EyeArtwork AI System gives totally autonomous diabetic retinopathy (DR) screening, together with retinal imaging, DR detection primarily based on worldwide scientific requirements and fast reporting, in a single workplace go to throughout a diabetic affected person’s common examination. Once the affected person’s fundus photos have been captured and submitted to the EyeArtwork AI System, the DR detection outcomes can be found in a PDF report in lower than 30 seconds.  

The EyeArtwork AI System was developed with funding from the U.S. National Institutes of Health (NIH) and is validated by the U.Okay. National Health Service (NHS). In addition to U.S. Food and Drug Administration (FDA) 510(okay) clearance, the EyeArtwork AI System has CE marking as a category 2a medical system within the European Union and a Health Canada license. It is designed to be General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act of 1996 (HIPAA) compliant. 

The EyeArtwork AI System is reimbursable by authorities and personal payors within the U.S. below the newly created Category 1 Current Procedural Terminology (CPT) code 92229.  

Learn extra concerning the EyeArtwork AI System for Autonomous Detection of Diabetic Retinopathy by watching this video.

Media Inquiries:

Todd Stein

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[email protected]

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