Reading medtech start-up Occuity has launched a crowdfunding round seeking £1.8 million through the Seedrs platform, to accelerate development of its optical screening and monitoring devices. Occuity held a fundraising round in November 2020 raising over £1m via the Angel Investment Network.
This latest investment round on Seedrs raises £1.8m at a valuation of £12.8m (pre new money) and is EIS qualifying and as at 23 August 2021 is 98% subscribed.
The investment will help deliver non-invasive devices that aim to detect the early signs of chronic health conditions by scanning the human eye.
Founded in 2019, Occuity has developed and patented contactless optical technology to obtain precise measurements from the eye. The company is developing a range of new medical devices that use this technology for ophthalmic examinations, diabetes management, pre-diabetes screening and, in the longer term, the early detection of Alzheimer’s disease.
Occuity’s first device, aimed at the optometry market, measures corneal thickness with micrometre level precision. This is due to begin clinical testing and is expected to be approved for use in the EU by early 2022. The company plans to launch a pre-diabetes screening device in 2024, and a personal, non-invasive optical glucose monitor in 2025.
The Reading start-up was co-founded by Dr Dan Daly, CEO, who has over 25 years experience in optical metrology and opto-electronics, and Dr Robin Taylor, CTO who has extensive expertise in developing developed devices for use in numerous applications across the medical, industrial and research sectors. The development team was strengthened by Apple industrial design veteran Daniele De Iuliis, who joined Occuity as design director in 2020.
Occuity has grown to over 20 employees, with plans to take on a further 30 personnel by the end of 2021.
"There is a huge opportunity to deliver a step-change over the next decade in optometry practice and the way chronic diseases like diabetes and Alzheimer’s are detected and managed", comments Dr Dan Daly.
Daniele De Iuliis adds: "We are developing game-changing medical devices for use in non-clinical settings and by the patient. They will be kinder, more intuitive and more convenient than existing technologies, and they will be accessible to all."