Pr3vent, a healthcare AI company developing machine vision for detecting eye disease in newborns, has closed a Series A financing led by InFocus Capital Partners. The announcement comes on the heels of a successful seed round in October 2018 led by the joint investment of Skyview Ventures and Trousdale Ventures, according to a company news release.
As many as 9 percent of newborns have pathology related to eyes, which, if left untreated, can have a life-long negative impact on vision. To date, scalable technology capable of examining millions of newborns has not been available. Pr3vent’s screening tool is the first AI-based system designed to protect against vision loss in babies. The company’s breakthrough technology detects abnormality from noninvasive images of the baby’s retina with an algorithm that instantly identifies pathology and can trigger examination and treatment when it is most effective.
According to market research firm Frost & Sullivan, healthcare leaders believe artificial intelligence will be a game changer this year. By the end of 2019, the firm predicts the market for healthcare IT applications using artificial intelligence is likely to reach $1.7 billion, a 68.5 percent increase of compound annual growth rate (CAGR) through 2022.
“InFocus Fund I is proud to lead the current round of funding for Pr3vent. We value the company’s innovative AI platform and understand the importance of helping it succeed,” Ron Weiss, MD, managing partner of InFocus Capital Partners, said in a company news release. “Their creation is at the forefront of AI technology in ophthalmology, and we believe it will help prevent avoidable vision loss in children.”
“We are committed to building the future of AI in ophthalmology and changing the way healthcare providers detect, diagnose and treat eye disease in children,” says Pr3vent Co-founder Darius Moshfeghi. “InFocus Capital Partners’ Series A financing will help accelerate the processes of developing our revolutionary imaging system for early detection of preventable vision loss in newborns.”
“This financing round puts Pr3vent in a strong position to create a profitable AI solution in the ophthalmic space,” says CEO Jochen Kumm. “Machine vision and AI will contribute significantly to the future of the field, and we are thrilled that our AI system will help newborns.”