NovaSight Closes $8M Series A Financing in Quest to Combat Vision Disorders Worldwide
AIRPORT CITY, Israel, July 13, 2020 /PRNewswire/ -- NovaSight, the Israeli start-up specializing in ground-breaking vision care solutions based on AI and eye tracking technology announced today that it has finalized its round A financing totaling $8M. The round was led by Rimonci Capital and joined by world leading strategic investors from both pharmaceutical and medical device industries. Prior to this round the company raised $8M for a total of $16M.
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. Myopia (near-sightedness) has become a global epidemic in the 21st century, affecting one third of the population, increasing risk of visual impairments and even blindness later in life. 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 disfunctions such as Dyslexia and ADHD.
CEO, Ran Yam said: "We're excited to receive this vote of confidence from our current and new investors and to continue to move forward in battling vision disorders. 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."
Ran Yam explains, "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."
Rimonci Capital CEO, Richel Liu said "We're pleased to strengthen the partnership with NovaSight, a key player changing the eye care landscape with their novel technology which aligns perfectly with our investment strategy."
