UK MedTech firm, Occuity, successfully raises over £2m to deliver ophthalmic and optical diabetes devices. Occuity have also announced they will be exhibiting on the ABHI UK Pavilion at MEDICA 2021, Düsseldorf, the world’s no. 1 medical trade fair, giving buyers the exclusive opportunity to be the first to get hands-on with the world’s first handheld, non-contact, optical pachymeter - the Occuity PM1.
- Occuity to launch pioneering ophthalmic pachymeter, the Occuity PM1, at MEDICA 2021. Based on Occuity’s multi-patented precision optical systems technology, the PM1 can measure corneal thickness in just a few seconds and will be the first of a series of ophthalmic devices from the company.
- Successful £2m investment round will help accelerate development of non-invasive diabetes detection and personal management devices by the end of 2025
- Former Apple design director Daniele De Iuliis part of an expert team developing new B2B and consumer optical Medtech devices
Occuity, a UK-based medical technology start-up, is celebrating after successfully hitting their £1.8m investment target just 24 hours after their launch on leading crowdfunding platform, Seedrs. With the round still open, the company now plan to ‘overfund’ to allow them to accelerate the development of their innovative optical devices.
CEO and Co-founder Dr. Dan Daly comments: We’re delighted with the level of interest we have received during this finance round and thrilled that we are now overfunding. To date, we have now raised over £2m which will allow us to accelerate the development of our new optical screening and monitoring 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 its contactless optical technology to obtain precise measurements from the eye. Occuity’s vision is to use the eye as a window into the health of the body and to utilise their non-invasive, non-contact handheld technology to bring a range of new medical devices to market which uses this technology for ophthalmic examinations, diabetes management, pre-diabetes screening and, in the longer term, the early detection of Alzheimer’s disease.
Dr Dan Daly continued: “We are developing game-changing medical devices for use in non-clinical settings and by the patient. Thanks to our technology, all of our devices will be optical, handheld and non-contacting, which of course offers many benefits.”
“We have a roadmap of products starting with our ophthalmic series and moving on to screening and monitoring devices for diabetes and eventually other chronic conditions such as Alzheimer’s.
“We’re looking forward to showcasing our first device, the PM1 pachymeter, at MEDICA and talking to buyers about our technology the other devices in our product pipeline.”
The roll-out plan for Occuity’s new medical devices includes:
- Occuity’s first device, the PM1 Pachymeter is aimed at the optometry market and 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. Planned follow up devices will include measurements such as axial length, keratometry and pupillometry
- The company plans to launch a pre-diabetes screening device in 2024 to allow mass testing for the emerging signs of Type 2 diabetes at pharmacies and opticians.
- In 2025, it intends to introduce a personal non-invasive optical glucose monitor that will enable people with diabetes to monitor their blood-sugar levels without drawing blood
- Occuity hopes that its research and development will also support the delivery of a routine screening device capable of detecting early signs of Alzheimer’s disease by identifying biomarkers deposited in the eye.
Design Director, Daniele De Iuliis, comments: “The work we are doing at Occuity is hugely exciting with the 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.
“Thanks to Occuity’s ingenuity, it is becoming possible to detect and manage debilitating health conditions through a quick, non-contact eye scan.”
“It’s important to all of us that the devices we’re developing will be kinder, more intuitive and more convenient than existing technologies, and they will be accessible to all.”
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Notes to editors:
· Meta-analysis of data from 50 studies estimates the number of people (aged 40-80 years) with glaucoma worldwide was 64.3 million in 2013. This number is expected to reach 76 million in 2020 and 111.8 million by 2040. (Source: Ophthalmology, 2014)
· The number of people with diabetes rose from 108 million in 1980 to 422 million in 2014, with diabetes prevalence rising more rapidly in low- and middle-income countries. An estimated 1.6 million deaths were directly caused by diabetes in 2016. (Source: World Health Organisation, 2020)
· Around 50 million people worldwide have dementia, and there are nearly 10 million new cases every year. Alzheimer's disease is the most common form of dementia and may contribute to 60–70% of cases. (Source: World Health Organisation, 2020)
About Occuity: www.occuity.com
Founded in 2019, Occuity is a UK-based medical technology company specialising in the research, design and production of non-contacting optical instruments for healthcare diagnostics and monitoring. Occuity’s scanning technology uses light to obtain accurate and precise measurements from the eye and is protected by nine granted patents and a further five patent applications.
Occuity's Intellectual Property includes 9 granted international patents covering the measurement technique and optical technology that forms the basis of the devices along with additional patents relating to the alignment and measurements within the eye.
Occuity's mission is to create a range of non-contact, handheld devices which by their nature will be useable in a non-clinical setting by healthcare professionals and personal monitoring devices for diseases such as diabetes.