Israeli startup NovaSight has raised $8 million in a Series A round that will support a large and pivotal multi-center randomized study of its lazy eye treatment device, the company announced last week.
The funds will be used to “advance research in a large multi-center randomized pivotal study that will support FDA 510(k) clearance for its lazy eye treatment device and for the development of future eye care products such as innovative eye-tracking based active glasses for myopia control,” the company said in a statement.
The funding was led by Rimonci Capital and joined by strategic investors from both the pharmaceutical and medical device industries.
This round brings NovaSight’s total funding to $16 million.
Founded in 2016, NovaSight’s integrated AI-based eye-tracking solution helps to treat lazy eye among children. The company’s CureSight system monitors the treatment effect on the child in real time and performs auto-adjustment of the treatment protocol, through artificial intelligence and big data analysis. The system generates progress reports directly to the eye-care professionals and parents via a dedicated application.
Myopia (near-sightedness) has become a global epidemic in the 21st century, affecting one-third of the population, increasing the risk of visual impairments and even blindness later in life, the company said. The WHO predicts that over half of the world population will suffer from myopia by 2050. Additional pipeline products would allow for automatic detection and monitoring of retinal diseases and cognitive dysfunctions such as Dyslexia and ADHD.
“During COVID-19 when alternative healthcare diagnosis and treatment methods are required, we’re putting emphasis on continuing to develop telehealth solutions. Our products are ideally positioned for remote diagnostics and home treatment,” NovaSight CEO Ran Yam said.
“We’re proud of the impact our products are having on improving patient quality of life in a fun and easy way. Our focus is on the hundreds of millions of children who suffer from vision disorders and if left undiagnosed and untreated can lead to significant eye health problems in adulthood,” he added.