PhotoniCare, Inc., a Champaign, Ill.-based company dedicated to providing physicians with innovative diagnostic tools, raised $7.1m in funding.
- a $5.2m in Series A financing round led by i2E Management Company Inc., with co-investment from OSF Ventures, Sony Innovation Fund, and Dreampact Ventures, and
- a $2.1m Phase II Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH).
The company intends to use the funds to expand the executive team, ramp up manufacturing, execute on its sales and marketing plan, accelerate artificial intelligence development to enable real-time decision support for the TOMi Scope, and expand reimbursement activities and customer support.
Founded in 2013 and led by CEO Ryan Shelton, PhotoniCare provids physicians with diagnostic tools, starting with the TOMi Scope, an otoscope providing non-invasive imaging of the middle ear using a novel application of Optical Coherence Tomography (OCT) to directly visualize and characterize fluid in the middle ear, a necessity for the diagnosis of middle ear infections. PhotoniCare has developed a patented imaging platform that provides growth opportunities beyond otology (study of the ear).
In January, PhotoniCare announced that the U.S. Food and Drug Administration (FDA) had granted clearance for its TOMi™ Scope for non-invasive imaging of the middle ear.