Occuity raises over £2.5m for optical diabetes devices

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UK MedTech firm Occuity successfully raises over £2.5m to deliver ophthalmic and optical diabetes devices and is now overfunding on Seedrs to accelerate development.

DISCLOSURE: Longevity.Technology (a brand of First Longevity Limited) has been contracted by the company featured in this article to support its current funding round. Qualifying investors can find out more via the Longevity.Technology investment portal.

Occuity, a UK-based medical technology start-up, is celebrating again after hitting £2.5 million on leading crowdfunding platform, Seedrs. Previously the company successfully hit their £1.8m investment target just 24 hours after launch; with the round still open, the company now plan to continue to ‘overfund’.

Longevity.Technology: Occuity is raising the diagnostic bar, and we were very excited to cover their non-invasive smart diagnostic tech earlier this year. With clinical trials on the near horizon, Occuity’s mission to create a range of non-contact, handheld devices that can be used in clinics, non-clinical settings and at home, is becoming a reality. The company’s ethos of early detection and proactive management has obviously proved attractive, with Occuity rapidly surpassing its target and passing into overfunding. The crowdfunding remains open for investment, with the company happy to overfund by £1-2 million to to accelerate the development of its product range.

Occuity
Occuity CEO and Founder Dan Daly, PhD

CEO and Co-founder Dr Dan Daly comments: “We’re delighted with the level of interest we have received during this finance round and are thrilled that we are now overfunded to £2.5m. We have decided not to close the round just yet as overfunding will help accelerate the development of our new optical screening and monitoring devices that aim to detect the early signs of chronic health conditions by scanning the human eye.”

Founded in 2019, Occuity has developed and patented its contactless optical technology to obtain precise measurements from the eye. Occuity’s vision is to use the eye as a window into the health of the body and to use their non-invasive, non-contact handheld technology to bring a range of new medical devices to market which use this technology for ophthalmic examinations, diabetes management, pre-diabetes screening and, in the longer term, the early detection of Alzheimer’s disease.

Dr Dan Daly continued: “Diabetes is a very personal issue and of course, once you have it, it’s likely to be with you for the rest of your life. As our long-term products will be personal use meters for people with diabetes, we wanted to give our community of 8,000 people with diabetes the opportunity to become full shareholders in our business and to join us on this journey to try to improve their lives.”

Occuity intend to use the capital from this round to continue to build their team. Having already grown from a team of 10 in December 2020 to over 35, the company intends to continue to recruit the brightest minds in their fields bringing jobs to Reading and the Thames Valley. The company anticipates employing 100 staff by 2023.”

The roll-out plan for Occuity’s new medical devices includes:

  • Occuity’s first device, the PM1 Pachymeter, is aimed at the optometry market and measures corneal thickness with micrometre level precision. This is due to begin clinical testing and is expected to be approved for use in the EU in 2022.
  • The company plans to launch a pre-diabetes screening device in 2024 to allow mass testing for the emerging signs of Type 2 diabetes at pharmacies and opticians.
  • In 2025, it intends to introduce a personal non-invasive optical glucose monitor that will enable people with diabetes to monitor their blood-sugar levels without drawing blood.
  • Occuity hopes that its research and development will also support the delivery of a routine screening device capable of detecting early signs of Alzheimer’s disease by identifying biomarkers deposited in the eye.

Design Director, Daniele De Iuliis, comments: “The work we are doing at Occuity is hugely exciting, presenting the opportunity to deliver a step-change over the next decade in optometry practice and the way chronic diseases like diabetes and Alzheimer’s are detected and managed.

“Thanks to Occuity’s ingenuity, it is becoming possible to detect and manage debilitating health conditions through a quick, non-contact eye scan. It’s important to all of us that the devices we’re developing will be kinder, more intuitive and more convenient than existing technologies, and they will be accessible to all.”

Occuity’s crowdfunding campaign is available on Seedrs.

Fundraising? If you’re a company looking for equity funding, please complete a short fact-find and upload your deck here.

Investing in early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. First Longevity is targeted exclusively at sophisticated investors who understand these risks and make their own investment decisions. Investment opportunities have not been approved as financial promotions and are not covered by the Financial Services Compensation Scheme (FSCS) and you may not have access to the Financial Ombudsman Service (FOS). If you are in any doubt about the action you should take or the contents of any of the Financial Promotion received, you should contact your stockbroker, solicitor, accountant, bank manager or other professional adviser authorised under the Financial Services and Markets Act 2000, who specialises in advising on bonds, shares and other securities, including unlisted securities. Past performance is not a reliable indicator of future performance. You should not rely on any past performance as a guarantee of future investment performance.  Tax relief depends on an individual’s circumstances and may change in the future. In addition, the availability of tax relief depends on the company invested in maintaining its qualifying status.

Any financial promotions materials have been approved for financial promotion purposes by Prospect Capital Ltd, which is authorised and regulated in the UK by the FCA reg: 515599

 

Image from Occuity.
Eleanor Garth
Deputy Editor Now a science and medicine journalist, Eleanor worked as a consultant for university spin-out companies and provided research support at Imperial College London and various London hospitals in a former life.

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