Occuity opens new funding round to advance screening products

Occuity is opening a new funding round to provide the company with the capital necessary to advance its handheld, non-contact screening and monitoring products and capitalise on a very attractive new opportunity.

Having previously become the largest medtech raise on crowdfunding platform, Seedrs, the company has progressed both its first device, the PM1 Pachymeter, used to support the detection of glaucoma, and its GM1 Glucose meter for diabetes. Alongside the filing of several new patents, these innovations have significantly improved the technology platform and enabled the engineering team to combine technical elements from both the PM1 and GM1 projects to unlock a new opportunity to create a handheld, non-contact meter that can measure the 'Axial Length' of the eye in just a few seconds.

Axial length is the key measurement required for myopia management in children – and with 4.76 billion people predicted to suffer from myopia by 2050, Myopia Management is probably the fastest growing market in the global ophthalmic sector today. Such is the size of the opportunity, and with interest in the market growing, Occuity has moved to rapidly develop a handheld prototype and successfully demonstrated its performance against existing larger, much more expensive desktop meters. The AX1 Axiometer is set to revolutionise the way this key measurement is made.

Importantly, Occuity is in discussions with several of the leading myopia management suppliers in this multi-billion-dollar market. Occuity is confident that a partnership agreement will be agreed with one or more of these global corporations by the end of 2022.

Dan Daly, CEO and co-founder of Occuity said: “Occuity continues to project sustained revenue growth and believes that the combination of the PM1 coming to market, coupled with a potentially huge commercial pipeline for the AX1, means that the company anticipates a significant valuation increase once these events are realised.”