AI-Sight, a university spin-out from Liverpool, has successfully completed a significant seven-figure equity funding round. The funding was secured from respected individuals within the healthcare industry.
The investors backing AI-Sight include notable figures such as Sir Michael Bibby, Chairman of the Bibby Line Group, Phil Kirby, former Managing Director of InHealth Intelligence, Pitalia Capital, the family office of Anil Pitalia, founder of SpaMedica, and Deepbridge Capital. This funding round follows the Class 1 medical device certification of AI-Sight’s first commercial product, an AI software designed to assist human graders in diagnosing diabetic retinopathy from retinal scans.
Building on this achievement, AI-Sight has established a research collaboration with the UK’s largest specialist provider of diagnostic and healthcare solutions, InHealth Group. InHealth has been a close partner with the NHS for over 30 years. This collaboration will enable further clinical studies for AI-Sight’s advanced AI diagnostic technology. The joint effort aims to leverage industry-leading healthcare solutions with AI-Sight’s research expertise to expedite commercial studies.
Dr Phil Burgess, Senior Lecturer in Clinical Ophthalmology, together with AI-Sight’s founders from the University of Liverpool, Professors Simon Harding, Elizabeth Maitland, and David Wong, will lead the studies. Prof Harding, AI-Sight’s Chief Medical Officer, highlighted the potential of this collaboration, stating it offers an exciting chance to test the deployment of the AI technologies alongside a major supplier of diabetic retinopathy screening, thus providing crucial validation data for upcoming regulatory submissions. Prof Harding emphasised the global challenge posed by vision loss due to diabetes and the importance of organised screening in its prevention.
Dr Carolyn Horrocks, Head of Medtech & Bioscience Enterprise at the University of Liverpool, praised the success of the funding round. She remarked that it is a strong return on the University’s initial investment through the Enterprise Investment Fund. Dr Horrocks underscored the university’s commitment to translating research into impactful technologies and fostering innovation and entrepreneurship.
This funding will support AI-Sight in obtaining MHRA approval and Class 2 certification for its complete diagnostic platform. The platform aims to enhance patient outcomes and improve efficiency in public health systems by optimising resource allocation. Dr Andy Round, Investment Director at Deepbridge Capital, commended AI-Sight’s progress as a prime example of successfully spinning out academic research into transformative technologies. Dr Round also acknowledged the role of government initiatives in encouraging private investment into innovative technology ventures.
Given the significant investor interest, AI-Sight has announced plans for its next round of funding, anticipated to open in autumn 2024.
The completion of this funding round marks a significant milestone for AI-Sight, propelling its innovative AI diagnostic technology forward. The collaboration with InHealth and the ongoing support from prominent investors signal promising advancements in diabetic retinopathy screening and broader healthcare solutions.