RETINA-AI Health, Inc. Closes $2.6M Bridge Round; Totaling $8.1M Raised to Build Galaxy™ Multi-Camera-Compatible Diabetic Retinopathy AI System. Starts Clinical Trial.
HOUSTON, Dec. 12, 2022 /PRNewswire/ -- RETINA-AI Health, Inc. closes its bridge financing round during which it raised $2.6M, bringing the total raised so far by the company to $8.1M for the development of RETINA-AI Galaxy™ v2.0, a U.S. patent-protected multi-camera-compatible autonomous Artificial Intelligence (AI) diabetic retinopathy detection system. On Nov 3rd 2022, the company began enrollment in its Pivotal (Phase III) multi-center prospective clinical trial of the RETINA-AI Galaxy™ v2.0 (ClinicalTrials.gov ID: NCT05368623).
37 million Americans and 537 million people globally suffer from diabetes – each of whom needs at least one diabetic eye exam annually. Unfortunately, most do not receive the exam. AI can help, but thus far there are no AI systems approved for use with retinal cameras from more than one manufacturer – thereby constituting a bottleneck to access. That unmet need is what prompted the development of the RETINA-AI Galaxy™ v2.0.
"This is all about increasing access to high quality specialized healthcare for all people," says Dr. Stephen G. Odaibo, CEO and Founder of RETINA-AI Health, Inc., who is a board-certified ophthalmologist, retina specialist, mathematician, software engineer, and an AI and Machine Learning expert. "We are keen that our technologies are developed to the highest scientific, regulatory, and ethical standards, and are accessible to people from all walks of life for which they are indicated – including people from a large diversity of racial and socioeconomic backgrounds. This is why we have invested so much of our time, expertise, and resources as a company to develop this multi-camera-compatible AI system. This motivation and focus is a key part of what sets us apart as a company," Dr. Odaibo says.
The company projects that it will complete its ongoing Pivotal (Phase III) clinical trial of the RETINA-AI Galaxy™ v2.0 in the Spring of 2023, and will submit its U.S. FDA application shortly afterwards.
RETINA-AI Health, Inc. is a privately-held Delaware C-Corp founded in 2017 and headquartered in Houston Texas. The company is focused on building AI to transform healthcare and improve the outcomes of prevalent chronic diseases. It develops and deploys retina-based AI for detection of systemic chronic diseases at scale. RETINA-AI Health, Inc. has a strong unwavering commitment to adhere to the highest standards of quality and ethics, while continuously leading the world in healthcare AI innovation.
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Website: retinahealth.ai
SOURCE RETINA-AI Health, Inc.
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