Eyenuk Raises $6.2M in Funding

Eyenuk, a Los Angeles CA-based artificial intelligence (AI) medical technology and services company, raised $6.2M in funding.

The round was led by AXA IM, through AXA IM Alts.

The company intends to use the funds to accelerate commercialization of the EyeArt® AI System, which received FDA clearance in 2020 and is being reimbursed by Medicare and other payors.

Led by Kaushal Solanki, Ph.D., Founder and CEO, and Frank Cheng, President & CCO, Eyenuk is an artificial intelligence (AI) medical technology and services company providing AI Eye Screening for autonomous disease detection and AI Predictive Biomarkers™ for risk assessment and disease surveillance. The company is on a mission to screen every eye in the world to ensure timely diagnosis of life- and vision-threatening diseases, including diabetic retinopathy, glaucoma, age-related macular degeneration, stroke risk, cardiovascular risk and Alzheimer’s disease.

The EyeArt AI System provides fully automated DR screening, including retinal imaging, DR detection based on international clinical standards and immediate reporting, in a single office visit during a diabetic patient’s regular exam. Once the patient’s fundus images have been captured and submitted to the EyeArt AI System, the DR detection results are available in a PDF report in less than 30 seconds. The system was developed with funding from the U.S. National Institutes of Health (NIH) and is validated by the U.K. National Health Service (NHS). In addition to US FDA 510(k) clearance, the EyeArt AI System has CE marking as a class 2a medical device in the European Union and a Health Canada license.

The company plans to close a larger round of financing in late 2021 to support its long-term growth and innovation strategies.