Aust AI retinal imaging company attracts US investors

Melbourne-based healthtech company Eyetelligence, which uses advanced artificial intelligence (AI) technology and retinal imaging to screen for eye and systemic diseases, has received an US$12 (AU$18) million investment from New York-based healthtech company creation platform Ascertain.

The technology is based on the inventions of Dr Mingguang He, a clinician-scientist at the University of Melbourne and the Centre for Eye Research Australia who was joined by commercial healthcare leader Jason Sun to found Eyetelligence and now Optain.

Eyetelligence has developed a suite of clinically validated and regulatory approved AI-enabled products already being commercialised in the Australian, New Zealand, European and Japanese markets. Eyetelligence’s products are used by the Bupa Optical and George & Matilda optometry chains in Australia.

“The three most common eye diseases — diabetic retinopathy, age-related macular degeneration and glaucoma — can be detected far earlier with algorithmic retinal image analysis. These three diseases, however, are just the tip of the iceberg,” Professor He said.

“The eye is a window through which we can discern any disease that affects the microvascular system. This technology allows clinicians to act faster and prevent significant impacts on quality of life.

“I welcome the support of Ascertain who sees the potential of Eyetelligence’s technology for the US and is committed to identifying and accelerating the use of emerging AI technologies to drive significant health benefits globally,” He said.

Eyetelligence is the first international investment by Ascertain — a partnership between Aegis Ventures, a next-generation healthcare-focused venture studio, and Northwell Health, one of the largest health systems in the US. Ascertain is committed to accelerating the development of healthcare AI companies globally, specifically within Australia.

“Australia has a successful track record of health and biomedical innovations that have been scaled up internationally. Our world-class universities, highly skilled talent and complementary regulatory environment make our healthtech ecosystem a global leader,” said Daniel Boyer, Deputy CEO at the Australian Trade and Investment Commission (Austrade).

Eyetelligence will be rebranded and launched in the US as Optain and aims to enable non-invasive point-of-care technology to diagnose a range of diseases more rapidly, cost-effectively and accessibly. By enabling earlier diagnosis and treatment, it is hoped the technology can drive better patient outcomes and cost savings across health systems.

“The healthcare industry has made a concerted effort in recent years to shift treatment from reactive sick-care to proactive preventive care, but many of the legacy screening and diagnostic technologies used by clinicians today are expensive and inaccessible,” said Jeff Dunkel, CEO of Optain.

“Optain will accelerate that shift and make preventive care ubiquitous by placing smarter, faster and more efficient diagnostic tools in the hands of clinicians everywhere.

“The most immediate opportunity for impact is within ophthalmology,” Dunkel added.

“Optain’s first goal is to expand access to screenings and diagnosis for preventable eye disease, closing critical health equity gaps, particularly in under-served communities where diagnostic and screening tools aren’t available.”

Image credit: iStock.com/jes2ufoto