Disease screening and diagnosis startup, Occuity has raised more than £1m, supported by Angel Investment Network, a global online angel investment platform.
Occuity is developing products to screen for, diagnose and monitor major chronic health conditions including diabetes and Alzheimer’s Disease. Reading-based Occuity has developed a non-invasive optical device that works by detecting markers that the body deposits in the eye.
The raise took just five months, despite COVID-19 preventing face to face meetings, and Occuity will now use the funds to support product development, regulatory approval and further R&D. 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 already has an advanced prototype of the handheld pachymeter which meets market accuracy and usability requirements. They are now finalising the production version that will undergo clinical trials and CE marking early in 2021. The company expects to be revenue generating in Q2 2021.
The team have extensive experience with PhDs in Bioengineering and Micro Optics, supported by considerable MedTech sector commercial experience, whilst design director, Daniele De Iuliis, held main board report positions at Apple HQ over a 27-year career.
Founder and CEO Dr. Dan Daly explained: “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. 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.”
According to Ed Stephens, Global Head of Brokerage at AIN: “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. 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.”