AI-based eye disease detection startup, Eyetelligence raises $12 million USD from investors

Eyetelligence will offer non-invasive point-of-care technology to diagnose a range of diseases, including diabetic retinopathy and age-related macular degeneration, with AI algorithmic retinal image analysis. (Image Credit: Adobe Stock/peshkova)

Melbourne health tech startup, Eyetelligence, a health tech startup based in Melbourne, Australia has raised $12 million (USD) from New York investor Ascertain. Eyetelligence’s AI-enabled products are already being commercialized in Australia, including by Bupa Optical, and the optometry chain George & Matilda, as well as in New Zealand, Europe, and Japan.

“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,” Prof 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.”

Eyetelligence is the first international investment by Ascertain, a partnership between healthcare-focused venture studio Aegis Ventures, and Northwell Health, one of the largest health systems in the US. Ascertain helps accelerate the development of healthcare AI companies globally. Prof He said Ascertain sees the potential of Eyetelligence’s technology for the US.

Eyetelligence will be rebranded and launched in the US as Optain, offering non-invasive point-of-care technology to diagnose a range of diseases more rapidly and cost-effectively. Optain CEO, Jeff Dunkel said their tech will make preventive care ubiquitous, placing diagnostic tools in the hands of clinicians everywhere.

“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. Optain will accelerate that shift,” he said.

“The most immediate opportunity for impact is within ophthalmology. Optain’s first goal is to expand access to screenings and diagnosis for preventable eye disease, closing critical health equity gaps, particularly in underserved communities where diagnostic and screening tools aren’t available.”

Austrade deputy CEO Daniel Boyer said Ascertain’s investment in Eyetelligence is a nod to Australia’s cutting-edge biotech sector.

“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 health tech ecosystem a global leader,” he said.