New York-based health technology company Ascertain is investing US$12 million (AU$18 m) in Eyetelligence, a Melbourne-based company which uses advanced artificial intelligence (AI) technology and retinal imaging to screen for eye and systemic diseases.
The technology is based on the inventions of Professor Mingguang He, a leading clinician-scientist at the University of Melbourne and the Centre for Eye Research Australia, who was joined by commercial healthcare leader Mr Jason Sun to found Eyetelligence.
The company 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 within Bupa Optical and George & Matilda optometry networks 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,” 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.”
He said he welcomed the support of creation platform Ascertain, which sees the potential of Eyetelligence’s technology for the US.
“[Ascertain] 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 first of its kind partnership between Aegis Ventures, a next-generation healthcare-focused venture studio, and Northwell Health, one of the largest health systems in the US.
Mr Daniel Boyer, deputy CEO of the Australian Trade and Investment Commission (Austrade), said 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,” Boyer said.
“Ascertain’s investment in Eyetelligence is a nod to Australia’s cutting-edge biotech sector and shows we are increasingly a partner of choice for US investors.”
Rebranding
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.
Mr Jeff Dunkel, CEO of Optain, said by enabling earlier diagnosis and treatment, 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 care to proactive, preventive care, but many of the legacy screening and diagnostic technologies used by clinicians today are expensive and inaccessible,” Dunkel said.
“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.”
Dunkel 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,” he said.
Collaborating with Ascertain will accelerate the availability of Optain’s world-leading Australian technology in American markets. Eyetelligence will continue to expand under its current brand in Australia and other international markets.
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