Eyenuk Announces $6.2 Million Financing to Accelerate Adoption of FDA-cleared AI Technology for Detection of Diabetic RetinopathyFinancing led by AXA IM’s Impact Investing strategy
LOS ANGELES, July 20, 2021 (GLOBE NEWSWIRE) -- Eyenuk, Inc., a global artificial intelligence (AI) medical technology and services company and the leader in real-world applications for AI Eye Screening, today announced that it has completed a financing round of US$6.2 million led by AXA IM, through AXA IM Alts, a global leader in alternative investments with c. €162 billion of assets under management1. Eyenuk’s existing investors also participated in the round.
Eyenuk will use the proceeds to immediately accelerate commercialization of the EyeArt® AI System, which received FDA clearance in 2020 and is being reimbursed by Medicare and other payors.
AXA IM Alts’ investment in Eyenuk is advised by Dr. Zina Affas Besse, Managing Partner at Global Health Investment Advisors (GHIA), a pioneer in impact investing in life science companies. “We are very impressed with all that the Eyenuk team has accomplished to date,” said Dr. Affas Besse. “We look forward to supporting the company as it accelerates global commercialization and pipeline development programs.”
“We are excited about Eyenuk’s business potential as evidenced by Eyenuk’s impressive business and clinical accomplishments to-date,” said Jonathan Dean, Head of Impact Investing at AXA IM Alts. “We are proud to invest in some of the most innovative technologies that address major public health issues worldwide, while searching to generate attractive social and financial returns. Eyenuk’s innovative healthcare AI technologies aim to deliver tangible impact around the world alongside attractive financial returns.”
“We are thrilled to welcome new institutional investors to the Eyenuk team,” said Kaushal Solanki, Ph.D., Founder and CEO of Eyenuk. “We look forward to working with AXA IM Alts and other investors, who share Eyenuk’s vision of creating globally-accessible AI platform technology that can enable drastic reduction of preventable blindness across the world.”
Eyenuk plans to close a larger round of financing in late 2021 to support its long-term growth and innovation strategies.
About the EyeArt AI System
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 EyeArt AI 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. It is designed to be General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act of 1996 (HIPAA) compliant.
EyeArt is reimbursed by government and private payors in the U.S. under the newly created Current Procedural Terminology (CPT) code 92229. Medicare started its national coverage for CPT 92229 on January 1, 2021.
About Eyenuk, Inc.
Eyenuk, Inc. is a global artificial intelligence (AI) medical technology and services company and the leader in real-world AI Eye Screening for autonomous disease detection and AI Predictive Biomarkers™ for risk assessment and disease surveillance. Eyenuk 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. Find Eyenuk online on its website, Twitter, Facebook, and LinkedIn.
About AXA IM’s approach to impact investing
AXA IM manages a variety of impact strategies, ranging from private equity investments to green and social bonds and listed equities and bonds, which look to provide solutions relating to issues such as healthcare, climate change and biodiversity.
AXA IM’s impact range is its most focused responsible investment offering, with products specifically designed to have a direct, measurable and positive impact on society and/or the environment. These strategies will report definitive and measurable data against impact KPIs such as carbon footprint or lives improved, and each will target one or more UN SDGs. These strategies have a parallel commitment to deliver returns by tapping into the key themes of the sustainability economy. As of the end of March 2021, AXA IM managed about €2.6 billion of assets in this category. More information about AXA IM’s approach to impact investing here.
About AXA IM Alts
AXA IM Alts is a global leader in alternative investments with €162 billion of assets under management1 as of 31 March 2021, across real assets (real estate & infrastructure), private debt & alternative credit and private equity & hedge funds. AXA IM Alts employs over 750 people located in 16 offices around the world and serves the needs of more than 350 clients from Europe, North America, Asia Pacific and Middle East. We are a global leader in real assets investment with c. €109 billion of assets under management, the number one property portfolio and asset manager in Europe2, and one of the largest worldwide.
About Global Health Investment Advisors
Through its work as the investment manager for the Global Health Investment Fund and its partnership with AXA IM Alts, Global Health Investment Advisors has pioneered impact investing in life science companies. The firm seeks attractive financial returns and works with companies to facilitate the introduction of innovative products worldwide, including low-income countries. Its portfolio companies have generated compelling exits and have saved and improved millions of lives. Find GHIA online on its website.
Eyenuk, Inc. Contact
Frank Cheng, President & CCO
+1 818 835 3585
1Source: AXA IM Alts unaudited data, as of March 2021.
2Source: INREV Fund Manager Survey, June 2021. #1 largest European managers in total real estate assets under management.