Israel’s EyeControl, a leading supplier of assistive communication devices for intensive care units, announced last week it closed a Series A round and won the Enhanced European Innovation Council’s (EIC) COVID-19 Pilot Program, securing over $10 million in funding.
The company’s latest investment round, led by Connecticut Innovations, includes Benslie International Ltd, Clive Barret and Menomadin Foundation with participation from existing investors including Benny Levin (Founder & Former CEO of NICE), Itsik Danziger (Former President of Comverse), Jim Elkind (Private health care investor), Avi Kornreich (Former CEO of Agentek), Zora Ventures, Impact First and Rimonci Capital.
EyeControl becomes the first Israeli company to be awarded both the European Commission’s (EC) Horizon 2020 SME Instrument Phase-2 program and the EIC Accelerator.
The Tel Aviv-based company said the new funding will allow the company to grow “by expanding its hospital activity and enhancing strategic partnerships.”
Avner Halperin, a digital health entrepreneur, has been appointed as Chairman to EyeControl’s newly expanded Board of Directors.
“The management has led the company to great achievements, including the recent EIC win,” said Halperin in the company’s announcement. “The EC recognizes that EyeControl is solving a critical issue with tremendous global impact. This funding will assist the company in accelerating growth and strategic partnerships worldwide.”
Founded in 2016, EyeControl is a company that has developed what it says is the first wearable, screenless, assistive communication device with AI-powered eye-tracking technology that enables remote communication between ventilated ICU patients, their families, and medical care teams. The EyeControl is said to improve quality of life for ventilated and “locked-in” home care patients, by providing round-the-clock communication with family members and caregivers.
The EyeControl is CE marked, FDA listed, and ISO certified. It is reimbursed by the US Centers for Medicare and Medicaid Services, UK National Health Service, and the Israeli Ministry of Health.
EyeControl’s funding milestones have been achieved against the backdrop of the COVID-19 pandemic, which the company said “fueled the pre-existing need for an innovative communication solution for ventilated patients in a medical facility environment.”
The company is piloting its medical device at hospitals treating patients with COVID-19, helping preserve lines of communication between ventilated patients and nurse stations outside quarantine.
“The combined support of the new board members joining as part of this funding round, as well as the continued support of the EC, paves the way for EyeControl’s future success,” said Matt Bloom, Investments Director at Connecticut Innovations and EyeControl board member. “With its innovative technology and bright team, we strongly believe this company will stand out and is well positioned for success.”