RetiSpec Closes $10M USD to Advance Commercialization of its AI-Driven Eye Test for Detection of Alzheimer’s Disease
TORONTO, July 26, 2024 /PRNewswire/ – RetiSpec Inc., an innovator in AI-driven eye diagnostics for brain health, announced the successful closing of its $10M USD Series A financing. This funding will enable RetiSpec to accelerate the commercialization of its groundbreaking technology aimed at early detection of Alzheimer’s disease.
The Series A financing was led by iGan Partners and included new strategic investors, Eli Lilly and Company and Topcon Healthcare, Inc., along with existing investors, Gentex Corporation, the Alzheimer’s Drug Discovery Foundation’s Diagnostics Accelerator, Verge HealthTech Fund, University of Minnesota’s Discovery Capital, Ontario Brain Institute, Centre for Aging + Brain Health Innovation, and private investors. This financing brings RetiSpec’s total fundraising to $17M USD.
RetiSpec’s clinically validated test aims to help healthcare providers predict amyloid burden, a core biomarker of Alzheimer’s disease. The test is now available for Research Use Only, it is expected to be utilized in routine clinical office visits globally in the near future. RetiSpec’s AI solutions applied to non-invasive retinal images, provide real-time assessments at the point of care. The company’s goal is to also develop additional AI-driven diagnostics for neurodegenerative diseases and side effects of Alzheimer’s therapeutics.
In related developments, RetiSpec will take part in the upcoming Bio-Hermes-002 study sponsored by the Global Alzheimer’s Platform Foundation (GAP). The study aims to investigate the relationship between novel markers of Alzheimer’s disease, including RetiSpec’s test, and the gold standard for diagnosis across a sample of 1,000 cognitively normal and impaired participants. Bio-Hermes-002 is expected to include an unprecedented number of participants from traditionally underrepresented populations in Alzheimer’s studies in order to benefit everyone impacted by Alzheimer’s and related dementias.
Along with the financing, RetiSpec is pleased to welcome Lance Patton, Chief Commercial Officer at Topcon Healthcare, Inc., to its board of directors. His 28 years of expertise in driving adoption of diagnostic imaging technologies via eyecare settings will be invaluable as RetiSpec continues to scale and bring its innovative solutions to market.
“The closing of this Series A financing is a testament of the significant strides we’ve achieved and marks a major step forward in our mission to enable widespread early and accurate detection of neurodegenerative disease markers with our innovative AI-driven eye test,” said Eliav Shaked, Co-founder and CEO of RetiSpec. “We are thrilled to welcome such strong new investors, alongside existing investors, such as Gentex, who have been key contributors throughout our journey. Together, this investment will allow us to accelerate the commercialization of our AI-driven eye test, which has the potential to transform patient outcomes and enable early, accurate, and equitable access to treatment”.
About RetiSpec
RetiSpec is a Toronto-based medical AI company that aims to enable widespread early and accurate detection of neurodegenerative disease markers through a simple eye exam. RetiSpec’s AI solutions applied to non-invasive retinal images, provide real-time results at the point of care. RetiSpec’s first clinically validated AI is intended to predict amyloid burden to aid in the evaluation of individuals for Alzheimer’s disease. RetiSpec’s AI solutions are currently available for Research Use Only.
RetiSpec acknowledges generous support from the Alzheimer’s Drug Discovery Foundation’s Diagnostics Accelerator, Davos Alzheimer’s Collaborative, University of Minnesota’s Center for Drug Design, Ontario Brain Institute, and Centre for Aging + Brain Health Innovation. For more information on RetiSpec, visit retispec.ai.
