The financing was led by new investor Greenwood Way Capital – which targets early stage-UK companies – with the Scottish Investment Bank, the investment arm of Scottish Enterprise, also participating. Epipole has also appointed industry veteran Ian Stevens as chairman.
Epipole says its patented technology enables clinicians to scan the retina using real-time video and then extract high-quality images for further examination.
It added that retinal cameras are typically large and costly desktop systems, but it believes it can “revolutionise” the sector with its portable design and cost-effective pricing.
Founder and chief executive Craig Robertson said: “We’ve worked with ophthalmologists to test and refine features and capabilities, and will use this funding to implement the key changes needed. We will have a particular focus on the US primary care optometry and ophthalmology markets, and plan to have product available by early 2021.”
He also praised the appointment of Stevens, who has held chief executive positions at Scottish businesses Touch Bionics, Mpathy Medical and BioFilm. Previously, he spent nine years at retinal imaging company Optos, initially as chief financial officer and then as general manager of its North American business.
Stevens said: “There is a tremendous opportunity for handheld and truly portable fundus cameras that are easy to use and combine high quality imaging with attractive pricing”. He added that he looks forward to joining the company “as we seek to transform ophthalmic imaging with our new technology”.
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