California-based Pr3vent Inc., AI healthcare company, closed its Series A financing, spearheaded by venture capital firm InFocus Capital Partners.
Pr3vent’s AI system detects abnormalities by using images of a baby’s retina and is the first diagnostic screening tool of its kind for early detection of preventable vision loss in newborns. Additionally, Pr3vent's tool is capable of screening 50 million retinal images per year to offer personalized diagnostics for all newborns, according to the company’s website.
The AI market in healthcare was valued at $2.1 billion in 2018 and is expected to grow to $36.1 billion by 2025. And as part of the American AI initiative, President Trump recently signed an executive order to spur the development, growth and regulations of AI in the country.
“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,” Darius Moshfeghi, MD, co-founder of Pr3vent, said in a prepared statement. “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.”
Pr3vent trains its AI tool on hundreds of thousands of images, and works with the best pediatric retinal providers to detect pathology and “achieve unrivalled accuracy,” the company’s website noted.
“This financing round puts Pr3vent in a strong position to create a profitable AI solution in the ophthalmic space,” said CEO Jochen Kumm, in the same statement. “Machine vision and AI will contribute significantly to the future of the field, and we are thrilled that our AI system will help newborns.”
In October 2018, Skyview Ventures, the early-stage investment arm of Skyview Capital, LLC, completed its seed round investment in Pre3vent, Inc. Financial details of the Series A financing are still unknown.