Reading, UK – Occuity, an innovative pioneer in the burgeoning field of Oculomics, has today announced the successful completion of a Convertible Loan Note (CLN) investment round, reaching its target of £1.3 million. This accomplishment comes on the heels of significant advancements in the company’s technological and intellectual property portfolio, including the granting of a crucial patent and the filing of a further new one.

The CLN investment round, a strategic move for Occuity, was designed to bolster the continued development of its technology whilst ramping up its sales and marketing activities ahead of the launch of its first ophthalmic products early in 2024.

Commenting on its success, Dan Daly, CEO of Occuity, said,

“Over the last few years, we have built an exceptional network of predominantly angel investors, and the successful completion of this investment round is a testament to their faith in our technology, our team and our vision. In the current climate, where investment has become more cautious, this achievement is particularly significant.”

Products Launches and First Revenues

Supported by this funding, Occuity aims to launch two innovative optometry products in 2024: the PM1 Pachymeter, used to support glaucoma diagnosis and the AX1 Axiometer, used in myopia management. Occuity’s growing global distributor network, which currently includes 11 distributors across Australasia and Europe, is poised to generate the company’s first revenues. With ongoing expansion plans into North and South America, the MENA region, and the Far East, Occuity is set to enhance its global MedTech presence significantly.

Patent Advancements

In tandem with these commercial developments, the business has recently achieved major milestones in its intellectual property development. A key patent covering Occuity’s novel high-speed, long-range scanning technology which is core to the company’s product portfolio has been granted and a new patent application has been filed as part of its Innovate UK supported SD1 project, which is developing a non-invasive screening tool for diabetes. This aligns with the company’s goal of addressing the anticipated rise in diabetes prevalence, predicted to affect 1.3 billion people by 2050.

Through its groundbreaking optical technological platform Occuity’s goal is to revolutionise the way we approach health diagnostics. By harnessing the eye as a window into the body’s health, Occuity’s devices will unlock valuable health data, and offer a pain-free, non-invasive method of screening and monitoring chronic conditions such as diabetes and Alzheimer’s Disease. This approach is not only innovative but also aligns with the global need for more cost-effective and accessible health monitoring solutions.

Reflecting on these achievements, Occuity CEO and Co-founder, Dr. Dan Daly, said,

“The success of our CLN investment round, in conjunction with our recent patent milestones and expanding global distribution network, marks a significant moment in Occuity’s journey. These achievements not only fortify our technological base but also reinforce our commitment to transforming healthcare through non-invasive ocular diagnostics. These accomplishments speak volumes about the confidence in our vision and the potential of Oculomics.”

***END***

About Occuity

Occuity specialises in the development of non-invasive optical devices for disease screening and monitoring. Focused on enhancing health understanding through the eye, the company is at the forefront of creating solutions that aid in early disease detection and improved disease management.