The world’s largest online angel investment platform, the Angel Investment Network, has supported the raise of more than GBP1 million in UK-based disease screening and diagnosis startup Occuity.
Launched in London by childhood friends James Badgett and Mike Lebus, Angel Investment Network (AIN) is an online platform connecting startups with a global network of angel investors.
“Healthcare is one of the areas of biggest interest to our investor database. In the year of a global pandemic this is perhaps no surprise – but this business really did tick all the boxes for our investors,” explained Ed Stephens, global head of brokerage at AIN.
“They have patent-protected IP with a product developed by a team with extensive medical experience. They also have a track record of high value medical and technology exits. We look forward to seeing the development of this business and its potential ability to improve the lives of millions of people,” Stephens added.
The raise only took around five months despite COVID-19 preventing face to face meetings, according to Occuity. The tech platform will use the fresh capital to support product development, regulatory approval and further R&D.
Occuity already has an advanced prototype of the handheld pachymeter, which meets market accuracy and usability requirements at this stage; which they are now finalising the production version for that will undergo clinical trials and CE marking early in 2021. The company expects to be revenue generating in Q2 2021.
Reading-based Occuity is developing products to screen for, diagnose and monitor major chronic health conditions including diabetes and Alzheimer’s Disease. The platform has developed a non-invasive optical device that works by detecting markers that the body deposits in the eye.
The first product, a non-contact pachymeter, will help opticians diagnose glaucoma. Further products will screen for diabetes, Alzheimer’s Disease and will non-invasively monitor glucose levels for those with diabetes.
“Occuity’s mission is to revolutionise disease detection by making it non-contacting and pain free. There is nothing else like our product on the market and it is the result of many years of R&D from some of the world’s best medical minds,” said founder and CEO Dr. Dan Daly.
Daly continued: “This fundraise enables us to continue to build the team and to develop products. We are initially focusing on optometry and diabetes but believe we can transform how many of the world’s most prevalent, chronic diseases are detected and managed.”