Eyenuk Secures $6.2 Million for AI

Artificial intelligence medical technology company Eyenuk recently secured $6.2 million in funding from a financing round led by Axa Investment Managers.The financing will allow the Woodland Hills-based company to accelerate commercialization of the EyeArt AI System, a device that screens for diabetic retinopathy. Physicians can quickly and accurately detect referable diabetic retinopathy patients in minutes using EyeArt.Accelerated commercialization of the AI system will involve expansion of the Eyenuk team, particularly additions to its sales team across the country that will target key users in large hospital networks and diabetes clinics.The system received FDA clearance in 2020 and is being reimbursed by Medicare and other payers. “We also got CMS (Centers for Medicare & Medicaid Services) and Medicare to cover this technology to a new CPT code and that made for a very compelling case for institutional investors to invest in the team,” Kaushal Solanki, Eyenuk’s chief executive, said in statement.Current procedural terminology, or CPT codes, are numbers used to report procedures and services to entities like accreditation organizations, health insurance companies and physicians.Looking ahead, Eyenuk will continue to improve the EyeArt AI System and look for new indications for the system beyond diabetic retinopathy, such as AIDS-related macular degeneration and glaucoma.Investment lead Axa will continue to support Eyenuk.“We are proud to invest in some of the most innovative technologies that address major public health issues worldwide, while searching to generate attractive social and financial returns,” Jonathan Dean, head of impact investing at Axa IM Alts, said in a statement. “Eyenuk’s innovative health care AI technologies aim to deliver tangible impact around the world alongside attractive financial returns.”