AI-Sight, a University of Liverpool spin-out specialising in AI-driven diagnostic technology, has successfully completed a seven-figure equity funding round from key healthcare investors, propelling the company toward international expansion. The funding, supported by influential figures such as Sir Michael Bibby, Phil Kirby, Pitalia Capital, and Deepbridge Capital, arrives on the heels of AI-Sight achieving Class 1 medical device certification for its first commercial product—an AI-powered diabetic retinopathy diagnostics tool to aid human graders.
AI-powered diabetic retinopathy diagnostics
With diabetic retinopathy affecting millions of people worldwide, early detection through organised screening is critical. AI-Sight’s diagnostic platform addresses this need by enhancing the ability of healthcare professionals to interpret retinal scans. Now, with significant funding in place, AI-Sight aims to bring its ground-breaking AI diagnostic technology closer to regulatory approval and market launch.
The recent funding round also paves the way for AI-Sight to secure Class 2 certification for its full diagnostic platform, facilitating its introduction into both UK and international markets. The platform is expected to improve patient outcomes while enhancing efficiency across public health systems, ensuring that healthcare resources are directed to the areas of greatest need.
Collaboration with InHealth to drive research
Alongside the funding, AI-Sight has signed a research collaboration agreement with InHealth Group, the UK’s largest specialist provider of diagnostic and healthcare solutions. This partnership, together with the University of Liverpool, will enable further clinical studies of AI-Sight’s technology. The studies will be led by Dr Phil Burgess, Senior Lecturer in Clinical Ophthalmology, and Professors Simon Harding, Elizabeth Maitland, and David Wong, AI-Sight’s founding team.
Professor Simon Harding, Chief Medical Officer at AI-Sight, stated: “[this is] an exciting opportunity that will allow us to test deployment of our AI technologies with one of the largest commercial suppliers of diabetic retinopathy screening in the UK and elsewhere, and add further external validation data for imminent regulatory submissions. Vision loss from diabetes is such a huge challenge throughout the world and prevention is only possible through organised screening. With the successful conclusion of our funding round, it is an exciting time for AI-Sight, advancing our ground-breaking technology towards allowing affordable screening programmes and a profound impact on the lives of people with diabetes worldwide.”
Advancing research and commercialisation
AI-Sight’s innovative approach has attracted attention not just for its technological advancements, but for its collaborative model. Dr Carolyn Horrocks, Head of Medtech & Bioscience Enterprise at the University of Liverpool, expressed pride in the spin-out’s accomplishments: “The University is delighted by the continuing success of our spin-out company AI-Sight, not only in raising commercial investment, but also in establishing industry collaborations that are supporting further research at the University. This is a strong return on the University’s Enterprise Investment Fund’s initial investment commitment to support AI-Sight. The company’s continuing work to translate University research into technologies and products that can transform lives around the world is part of our commitment to fostering innovation, entrepreneurship, and impact by our world class researchers.”
The funding will accelerate the development of AI-Sight’s diagnostic platform and support its ongoing regulatory approvals. Dr Andy Round, Investment Director at Deepbridge Capital, echoed these sentiments: “We are delighted to have supported another spin-out from the University of Liverpool. The exciting work being undertaken, and the significant progress being made, by AI Sight represent a great example of how a collaborative innovation ecosystem successfully spins out academic research into transformative technologies. Such collaborations also exemplify how Government initiatives, such as the Enterprise Investment Scheme and Seed Enterprise Investment Scheme, are encouraging private investment into such exciting technology innovations. We look forward to continuing to support the AI Sight team and the University going forward.”
Looking ahead: growth and next funding round
As AI-Sight continues its rapid progress, the company is already looking ahead to the future. Given the high level of investor interest, AI-Sight has announced plans to open its next round of funding in Autumn 2024. This next phase will further enable the company to scale its operations and bring its AI-powered diagnostic tools to healthcare systems globally, supporting early and accurate detection of diabetic retinopathy and other eye conditions.
