Raysee Health Technology Files IPO Prospectus: Pioneering 'Near-to-Far' Medical-Grade Visual Solution for Myopia Prevention

The three major trends in myopia among children and adolescents in China are: younger age of onset, faster progression of myopia, and an increasing proportion of children with high myopia. The occurrence and harm of myopia are irreversible, and high myopia can lead to blindness-causing eye diseases such as cataracts, retinal detachment, macular hemorrhage, and glaucoma. For children and adolescents, myopia is not as simple as "wearing a pair of glasses."

Prolonged, close-range eye use is the root cause of myopia. In contrast, "extensive outdoor activities" have become an effective method for myopia prevention and control, which means spending 2-4 hours daily on outdoor activities and looking into the distance. Many doctors recommend this solution to parents, but considering children's academic needs, very few are able to follow medical advice.

Currently, effective means for myopia prevention and control in children and adolescents include low-concentration atropine, orthokeratology lenses (OK lenses), and multi-functional defocus lenses. However, these methods are only used to slow the progression of myopia after it occurs. Moreover, even with strict adherence to medical advice in using these methods in real life, it may still be impossible to fully and effectively control or delay the progression of myopia. There are currently no products on the market that can shift the focus of myopia prevention forward.

Is there a way to intervene at the root cause of myopia, that is, to address the issues of close-up and prolonged eye use, or to combine with existing myopia prevention and control methods to achieve more effective vision control?

"The most ideal myopia prevention and control product should possess effectiveness, safety, high compliance, ease of use, evidence-based support, and personalization," MetaVision General Manager Liu Yue told VCBeat. Based on the underlying mechanism of myopia formation, the company's R&D team prioritized effectiveness, integrating cutting-edge optical technology and innovative algorithms. They pioneered the incorporation of key myopia prevention elements such as hyperopic reserve enhancement and sunlight spectrum, introducing the 'Distance Light Screen' and thereby creating an entirely new category in myopia prevention and control.

MetaVision's Far-Field Light Screen

MetaVision's flagship product is the "MetaVision LongView Light Screen," whose core innovation lies in transforming traditional eye-use scenarios, turning "near viewing" into "distant viewing."

MetaVision's Far-Field Optical Screen consists of a high-position camera at the top, a light shield, an inclined screen, a flat beam splitter, a free-form mirror, a built-in LCD screen, a bottom bracket, and a main unit. Using digital display devices as a medium, it achieves the digitization and personalization of defocus through unique optical hardware and software technology. Integrated into the daily high-frequency eye-use scenarios of children and adolescents, it seamlessly transforms the use of electronic products into an eye-protection process, fundamentally enhancing compliance and convenience for children. It effectively delays the onset and progression of myopia in young people.

MetaVision's Far-Field Light Screen series products have been approved for a Class II Medical Device Certificate [Xiang Medical Device Registration 202221616681].

"In the process of productization, in order to achieve clear, deep, and sharp visual imaging effects, we adopted the existing design architecture," Liu Yue told VCBeat. Due to the integration of several large optical modules, the appearance of the MetaVision far-field light screen's main unit is distinct from various products available on the market, resembling a desktop computer. Based on AR free-form surface technology, the MetaVision far-field light screen transforms close-range desktop eye use into viewing a 140-inch HD image over 5 meters away, allowing children to read and do homework without having to lower their heads, avoiding transient myopia (NITM) induced by prolonged and close-range eye strain, and reducing eye fatigue.

Schematic Diagram of the Principle of the Far-Image Light Screen Product

Its core technology involves optical simulation for long-distance high-definition imaging, modification of light components entering the eye, myopia defocus protection, and elimination of harmful stray light. Take the modification of light components entering the eye as an example: using its unique beam modulation technology, it prevents high-intensity electronic light from entering the eyes directly. By improving traditional electronic light, it creates a healthy lighting environment and images, reduces visual fatigue caused by electronic light, and removes factors that stimulate myopia.

Another example is myopia defocus protection, which alleviates central accommodation pressure through cavity defocus design, eliminates peripheral hyperopic defocus, and creates high-contrast visual signals, achieving dual protection for both central and peripheral vision. This technology transforms children's daily eye-use scenarios—such as online classes, reading and writing, and video entertainment—into groundbreaking eye-care scenarios, making "using eyes = protecting eyes" a reality, and improving their vision the more they use it.

Considering practical application scenarios, MetaVision's distant light screen offers inverse mode, standard mode, and reading/writing mode, catering to the needs of reading, writing, online classes, and entertainment. The device also integrates mainstream learning apps available on the market, comprehensively fulfilling children’s study and entertainment requirements while combining the attributes of both medical devices and consumer products.

Inverse Reading Mode, Black Background with White Text Enhances Eye Protection

Compared with traditional myopia prevention and control solutions, the MetaVision Far Screen reduces the complex fitting process and dedicated training time, integrating eye protection into daily use, greatly optimizing the user experience in the process of using myopia prevention and control products, and thus offering more personalization, higher compliance, and ease of use.

Using Eyes = Eye Protection?

This seems a bit mysterious. So, does it really work?

In fact, as early as 2018, MetaVision reached a deep collaboration with Beijing Tongren Hospital and the National Ophthalmic Engineering Center, thus initiating the development of the distant light screen. In 2021, after the first-generation product was formed, MetaVision, in conjunction with Tongren Hospital, confirmed the clinical trial plan and conducted extensive clinical trials to verify its effectiveness in myopia prevention and control.

As a medical-grade device designed to delay the progression of myopia, MetaVision has collaborated with Professor Wang Ningli's team from Beijing Tongren Hospital. Since November 2020, they have conducted six phases of pre-research experiments. Relevant studies indicate: continuous use of the distant image light screen for four hours increases choroidal thickness by 26um. Using MetaVision’s distant image light screen (compared to using mobile phones or tablets) can alleviate transient visual fatigue caused by near viewing and shorten recovery time from visual fatigue. Compared to printed materials, reading and studying using MetaVision’s distant image light screen can prevent near-induced vision decline, showing potential to replace printed materials for reading, studying, and preventing the onset of myopia.

MetaVision's Far-View Light Screen Has a Significant Effect in Preventing Nearwork-Induced Transient Myopia (NITM)

MetaVision's Far-Field Light Screen has the potential to replace printed materials for reading and learning, preventing the onset and progression of myopia.

Since the product launch in July 2022, MetaVision's far-field light screen product has been sold through channels such as ophthalmic hospitals and optometry centers, accumulating nearly ten thousand real-world application data cases.

"In the mid-term trial, some experts used our device in combination with the new Hoya MyoSmart defocus glasses. The results showed that over a period of 6 to 12 months, the average monthly increase in axial length was less than 0.02 mm, approximately 0.008 mm, which is significantly better than using myopia control products alone." Liu Yue pointed out that there are many know-hows in medical-grade products, such as the amount of defocus and the defocus area. Only the correct parameters can effectively slow down myopia progression; the same principle applies to the act of looking into the distance—improper far-distance viewing might even worsen myopia.

In addition to hardware devices, MetaVision is also developing digital therapeutic software for myopia, which simulates optical defocus through digital signals, thereby thickening the choroid, controlling the rapid growth of the eye axis, and managing and slowing the progression of myopia as expected.

As a myopia prevention and control product, the distant image light screen not only works effectively on its own but can also be combined with existing methods such as orthokeratology lenses (OK lenses), defocus spectacle frames, and low-concentration atropine to provide an integrated solution that helps achieve better myopia prevention outcomes. "Take orthokeratology lenses as an example—even if a child wears them, there are still many real-life situations where prolonged near viewing is required, which is actually a root cause of myopia. However, when paired with the distant image light screen, turning near viewing into distant viewing, it creates a '1+1>2' effect for myopia control in children," Liu Yue added.

Clinical trial papers on MetaVision's distant light screen products have been published in authoritative industry journals such as "JAMA Ophthalmology," "Journal of Ophthalmology," "Chinese Journal of Ophthalmology," and "The 15th Annual Meeting of the Ophthalmology Branch of the Chinese Medical Doctor Association."

The willingness of the payer to pay is the essence of all successful business models.

Since the launch of the "Long-Distance Light Screen" series in July 2022, MetaVision has achieved sales revenue of over 100 million yuan in just one year through sales channels such as ophthalmic hospitals, optometry centers, and e-commerce platforms, firmly dominating the long-distance light screen market.

MetaVision, which has achieved remarkable results, has also gained recognition in the investment and financing sector, with existing shareholders BlueRun Ventures and GoldCore Capital continuously reinvesting.

"Although we have gained a certain market share, MetaVision is still in the relatively early stage of growth," said Liu Yue. She believes that although MetaVision pioneered the "Far-Field Light Screen," as an entirely new category and product for myopia prevention and control, it still has broader room for improvement both in terms of product technology and market acceptance.

He also pointed out that there are currently some reverse-engineered products on the market that are disrupting the industry with low-price strategies, posing challenges to MetaVision and the nascent development of the industry. However, the essence of such competition ultimately comes down to the product's strength—only truly safe and effective products can penetrate the market. Whether it’s MetaVision or other companies, solidifying the product and excelling in clinical performance will ensure the healthy development of both the industry and the market.

Professor Li Lihua, Director of the Optometry Center at Tianjin Eye Hospital, Experiences the MetaVision Screen

Strengthening product power, enhancing sales power, and building up brand power will be the key for MetaVision to maintain and expand its market in the future.

Competition in product capability is the most basic stage. Liu Yue stated that the company's next focus will be on hardware upgrades, such as product appearance and portability, as well as software improvements including light adjustment and defocus algorithm iteration. Meanwhile, MetaVision also plans its expansion into other directions based on market feedback, seeking new principles and developing new technologies to meet market demands.

The core of sales competitiveness lies in the competition of channels. Liu Yue told VCBeat that MetaVision will focus on market education, collaborate with more B-end optometry centers and ophthalmology experts, participate in more professional exhibitions to amplify influence, and impact C-end users through audio-visual science popularization methods, building long-term brand value and product awareness.

In terms of business models, the company is also continuously expanding its boundaries, including the exploration and application of digitalization and personalized digital defocus solutions, integrating with existing myopia retardation products and offline myopia management, and exploring new service models. At the same time, thanks to the company's deep technical reserves and complete industrial chain, it has incubated several first-innovative products, which are planned to be put into production soon.

The problem of myopia in children and adolescents has become a national and even global challenge, with myopia prevention and control now elevated to a national policy in China. Among various intervention methods, proactive behavioral interventions are not only much more effective than passive ones but also more cost-efficient. However, behavioral interventions for myopia must be consistent; an inconsistent effort will not achieve good preventive results.

Compared with the less stable "large outdoor" eye protection method, using MetaVision's distant light screen can continuously and stably create an advanced imaging scene, present high-definition images, and also alleviate visual fatigue. This is undoubtedly very beneficial and easy to achieve for children with heavy academic workloads.

References:

1. "MetaVision Raises RMB 100 Million in A+ Round Financing to Advance Clinical Trials for Myopia Prevention and Control Products"

2. "How Did the New Eye-Protection Species 'Far-Light Screen' Achieve Over 100 Million in Sales Within Two Years?"