Berkshire's Occuity secures £1.3M investment to help product launches
Berkshire medtech firm Occuity revealed it had secured its target of £1.3 million in a convertible loan note investment round, allowing the company to launch two innovative optometry products in 2024.
The company is developing optical devices for disease screening and monitoring and is a leader in Oculomics - the study of the eye as a barometer of human health.
READ MORE: Berkshire's Occuity unveils two major patent milestones
It aims to launch, next year, the PM1 Pachymeter to support glaucoma diagnosis as well as the AX1 Axiometer, which is used in myopia management.
Occuity's growing global distributor network currently includes 11 across Australasia and Europe and is poised to generate the company's first revenues. The firm also has ongoing expansion plans into North and South America, the MENA region, and the Far East.
"Over the last few years, we have built an exceptional network of predominantly angel investors, and the successful completion of this investment round is a testament to their faith in our technology, our team and our vision," said Dan Daly, CEO of Occuity.
He added that this investment, alongside the company's recent patent milestones and expanding global distribution network, marked a "significant" moment in Occuity's journey.
"These achievements not only fortify our technological base but also reinforce our commitment to transforming healthcare through non-invasive ocular diagnostics."
Last week, the company unveiled two major patent milestones.
It said it had been granted a patent covering its high-speed scanning approach used across all its products. This patent encompasses a design, which allows precise scanning over a long range at over 200 scans per second.
Secondly, Occuity is also developing a non-invasive screening tool on the eye to detect diabetes, predicted to affect 1.3 billion people by 2050, and the firm said it had recently filed a patent as part of this Innovate UK-supported SD1 project.
The technology builds on the company's existing PM1 and AX1 optical platforms and is a critical enabler in the development of compact, handheld devices that will be both accessible and cost-effective.
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