Diabetes affects up to 35 million Americans, and each person with diabetes needs at least one retinal exam per year, but because of a lot of factors, more than half of the people with diabetes in the U.S. do not get their annual retinal exam.
FREMONT, CA: RETINA-AI Health raised $5.2M in Series A round of financing for AI screening of diabetic retinopathy.
The capital was raised from private investors, 80 percent of whom were physicians. Also included amongst the investors were business titans such as Bill Smith, Founder of Shipt (acquired by Target in 2018).
RETINA-AI Health’s founder and CEO, Dr. Stephen Odaibo, a retina specialist, computer scientist, and full-stack AI engineer, says the funds will be used to take the company's retina-based AI detection technology through the FDA.
Diabetes affects up to 35 million Americans, and each person with diabetes needs at least one retinal exam per year. However, due to many factors, including cost, inconvenience, lack of transportation, and a shortage of eye specialists, more than half of people with diabetes in the U.S. do not get their annual retinal exam. And this, too, often results in preventable blindness.
Dr. Richard Y. Hwang, MD, Ph.D., a retina specialist in El Paso, Texas, says, "artificial intelligence has the potential to make a significant impact in diabetic retinopathy screening by improving the efficiency, cost-effectiveness, and the accessibility of screening programs."
RETINA-AI Health has developed artificial intelligence technology to enable the diabetic retinal exam to be done in the primary care setting. The company's HUMMINGBIRD DR 100™ is a cloud-based AI detector of diabetic retinopathy which interprets the retinal image and returns a PDF report within a few seconds.
Dr.Odaibo adds that "the confluence of value-based healthcare delivery and artificial intelligence provides a tangible and timely opportunity for positive impact."