Revolutionizing Eye Care Through Innovative Technology
In a groundbreaking move, Calgary-based startup RetinaLogik has successfully closed a pre-seed funding round totaling $783,000 CAD to advance their portable eye testing device that integrates artificial intelligence (AI) and virtual reality (VR) technologies.
The funding round, consisting of SAFE agreements, was led by HaloHealth, with additional contributions from Spring Impact Capital, an angel investment syndicate formed by StartupTNT, Haskayne Student Fund from UCeed, York Angels, and other independent angel investors.
Founded by CEO Abdullah Sarhan and COO Julia St.Amand, RetinaLogik embarked on a mission to transform eye care practices. Sarhan, while pursuing his doctoral studies in light field specialization applied to vision sciences, delved into exploring ways to maximize the impact of his research by participating in various hackathons.
On one such occasion, Sarhan crossed paths with St.Amand, a graduate in kinesiology and business from the University of Calgary, sparking a collaboration that laid the foundation for RetinaLogik’s innovative journey.
The duo commenced work on what would eventually become RetinaLogik in 2018. The startup underwent years of product development and testing to create a portable eye test using virtual reality glasses.
Globally, over 1.1 billion people live with vision impairment, with many lacking adequate access to eye care, an issue highlighted by Sarhan during a research visit to Uganda. Currently, eye care professionals rely on large, cumbersome machines, which St.Amand likened to “a fax machine from the 80s,” noting their lack of portability and time-consuming testing processes.
RetinaLogik introduced a prototype of its portable eye test in 2019, continuously refining the device through clinical trials. Today, the RetinaLogik platform enables eye care providers to gather and analyze field-of-view data using VR goggles and advanced analytical software. Patients, guided through tutorials in their preferred language, undergo various eye tests that can be remotely monitored by eye specialists.
The RetinaLogik device is currently in use in Canadian clinics, with plans to collaborate with optometrists and ophthalmologists to expand access to eye care for the elderly, who can use the device for eye tests in retirement homes.
With the new funding secured, RetinaLogik aims to expand its team, introduce new eye tests to its product, support device sales, and obtain a Class 2 certification from Health Canada.
In addition to the latest financing, RetinaLogik has received both dilutive and non-dilutive funding in its history, totaling $1.7 million to date, excluding the pre-seed investment.
By offering a more affordable, efficient, and portable device capable of producing results “comparable to the gold standard,” RetinaLogik seeks to address long-standing challenges confronted by eye care specialists. Through wider distribution of its device, the founders aspire to bridge the gap in eye care accessibility. According to the International Agency for the Prevention of Blindness, 90% of vision loss can be prevented or treated with proper care, yet approximately three billion people worldwide require ongoing services to optimize their vision.
St. Amand believes that the RetinaLogik device has the potential not only to increase access to these services but also to significantly enhance the patient experience. She emphasized that while medical care is often perceived as inconvenient, in this case, it doesn’t have to be.
#### FAQ Section
1. What is the objective of RetinaLogik’s funding round?
– The funding aims to scale their portable eye testing device that integrates artificial intelligence (AI) and virtual reality (VR).
2. Who led the funding round?
– The funding round was led by HaloHealth, with participation from Spring Impact Capital, an angel investment syndicate formed by StartupTNT, Haskayne Student Fund from UCeed, York Angels, and other independent angel investors.
3. Who founded RetinaLogik and how did it come about?
– RetinaLogik was founded by CEO Abdullah Sarhan and COO Julia St.Amand. Sarhan met St.Amand at a hackathon, where they started working together on the project.
4. What does RetinaLogik do?
– RetinaLogik has developed a portable eye testing device using virtual reality glasses. Their platform enables eye care providers to collect and analyze field-of-view data and conduct eye tests remotely.
5. What problems is RetinaLogik aiming to reduce?
– RetinaLogik aims to improve the accessibility of eye care by offering a more affordable, efficient, and portable device that can perform tests yielding results comparable to traditional machines.
6. What are RetinaLogik’s plans post-funding?
– RetinaLogik plans to expand its team, introduce new eye tests, support device sales, and obtain a Class 2 certification from Health Canada.
7. How much funding has RetinaLogik received to date?
– RetinaLogik has received a total of $1.7 million in funding, including various sources of dilutive and non-dilutive funding.
#### Glossary:
1. **SAFE (Simple Agreement for Future Equity):** A straightforward document concerning future profit participation.
2. **Angel Investment Syndicate:** A group of investors providing financial support in the early stages of business development.
3. **Optometrists:** Eye care professionals specializing in vision assessment and fitting corrective lenses.
4. **Ophthalmologists:** Medical doctors specializing in diagnosing and treating eye diseases.
5. **Virtual Reality (VR):** Computer-generated simulated environment in which users can interact and operate as in reality.
6. **Artificial Intelligence (AI):** The branch of computer science focused on creating computer systems capable of performing tasks typically requiring human intelligence.
**Recommended Related Links:**
– [HaloHealth](#)
– [Spring Impact Capital](#)
– [StartupTNT](#)
– [Haskayne School of Business](#)
– [York Angels](#)
The source of the article is from the blog foodnext.nl