Occuity has raised £1.3m in a convertible loan note round to fund product development and commercial preparation.
The financing was supported by the company network of angel investors.
Occuity develops non-invasive optical instruments that use the eye to screen for and monitor chronic conditions. Its diagnostic technology aims to transform healthcare delivery through ocular screening.
Occuity has secured £1.3m through a convertible loan note investment round, backed by its network of angel investors. The capital will support ongoing technology development and sales and marketing efforts as the firm prepares to launch its initial ophthalmic devices early next year. The funding arrives alongside recent intellectual property milestones, including a granted patent for the company scanning technology and a new filing tied to an Innovate UK supported screening project.
Established to advance non-invasive ocular diagnostics, the business plans to introduce the PM1 Pachymeter and AX1 Axiometer in 2024. These instruments will assist with glaucoma diagnosis and myopia management respectively. With eleven distributors currently operating across Europe and Australasia, Occuity is preparing to generate its first revenues while widening its international distribution footprint.
From the founder
"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."
Dan Daly
CEO and Co-founder at Occuity
Use of funds
- 01Continue product development
- 02Invest in sales and marketing