Occuity has launched a new investment round as it looks at a new opportunity

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Occuity, a fast-growing medical technology company based in Reading, UK, is opening a new round of funding to provide the company with the capital it needs to advance its handheld, non-contact screening and monitoring products and capitalize on the which he sees as a very attractive new opportunity.

Longevity.Technology: Occuity is built on a solid foundation; after previously becoming the largest MedTech raise on a leading crowdfunding platform, Seedrs, the company has now advanced both its first device, the PM1 Pachymeter, used to help detect glaucoma, and its GM1 glucose meter for diabetes .

Along with the filing of several new patents, these innovations greatly improved the technology platform and allowed the engineering team to combine technical elements from the PM1 and GM1 projects to unlock a new opportunity to create a hand-held, non-contact measuring instrument that can measure “Axial Length ‘ on the eye in just a few seconds.

Simply put, the axial length of the eye is a measurement of the length of the eye from front to back; reaches mature length by age 13, but although some research suggests that axial length may decrease with aging [1]the increase is associated with myopia, known as nearsightedness [2]. If left untreated, myopia complications can lead to blindness, so accurate early detection is key. Eye health changes with age and deteriorating vision can lead to loss of independence, increased isolation and impacts on mental health; all of them have a negative effect on the duration of health and longevity.

The handheld, non-contact axiometer AX1

With 4.76 billion people predicted to suffer from myopia by 2050, myopia management is one of the fastest growing markets in the global ophthalmology sector – and axial length measurement is part of that management. Such is the size of the opportunity, and with market interest growing, Occuity undertook rapid development of a handheld prototype and successfully demonstrated its performance against existing larger, much more expensive desktop meters. The AX1 axiometer may be about to revolutionize the way this key measurement is made.

READ MORE: Occuity – Shedding light on health and longevity

Longevity.Technology caught up with Dan Daly, CEO and co-founder of Occuity, who told us that myopia is such a common condition that it’s easy to underestimate how serious the problem can be.

“However, when you start to consider the potential long-term effects of axial myopia (the most common form), which include a much greater risk of conditions such as cataracts, retinal detachment, glaucoma and myopic maculopathy, it’s easier to appreciate why the remarkable statistic – that by 2050 half the world’s population will be myopic – is extremely disturbing,” Daly explained. “As people live longer, the value of good vision and eye health should not be underestimated, both in terms of cost to the individual and to society as a whole.”

According to Daly, there is a growing movement to correct the view that myopia is simply a “refractive error” that can be corrected with glasses, to one that says we need to address the cause because, left unchecked, eye elongation an apple can lead to serious sight-threatening eye diseases.

“Authoritative bodies such as the World Council of Optometry (WCO) have declared that ‘the standard of care for myopia should include early detection in children, enabling management of myopia with evidence-based treatments to prevent catastrophic health consequences,'” he says.

“Through our research and development work, we have combined technical elements from our PM1 and GM1 projects to unlock a new opportunity to create a hand-held, non-contact measuring device that can measure the ‘axial length’ of the eye in just a few seconds,” says Daly , explaining that already working in handheld prototype form, the AX1 will make it easier for optometrists to offer screening and ongoing management of axial length myopia.

“We believe demand will be very significant as a recent survey highlighted that 97% of optometrists said they had no way to measure axial length and 90% said they wanted a cost-effective, simple solution.”

Occuity is in discussions with several of the leading myopia management vendors in this multi-billion dollar market and is confident of entering into a partnership agreement with one or more of these global corporations by the end of 2022.

“Occuity continues to forecast sustained revenue growth and believes that the combination of PM1 coming to market, combined with a potentially huge commercial run for AX1, means that the company expects significant valuation appreciation once these events are realized,” Daly commented. .

As with its previous round, Occuity further plans to offer its community of friends and followers the opportunity to invest in our business by providing a crowdfunding element to the round through Seedrs.

[1] https://linkinghub.elsevier.com/retrieve/pii/S0161642004019013
[2] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5501611

Photos: Occuity

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