Oivi Secures $500,000 Seed Funding to Advance Diabetic Retinopathy Screening Device

On October 11, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical device company Oivi announced the completion of a $500,000 seed funding round. This round was led by Arali Ventures.

Following the completion of this financing round, Oivi will continue to develop advanced medical devices for diabetic retinopathy (DR) and expand its global product market. Additionally, the company plans to conduct early-stage clinical trials for its flagship products.

Diabetic retinopathy (DR) is one of the severe complications of diabetes, classified as a fundus lesion within diabetic microvascular disease. Its main pathological features include thickening of the ocular basement membrane and deposition of hyaline material. Clinically, DR is categorized based on the presence or absence of retinal neovascularization: non-proliferative diabetic retinopathy (NPDR) refers to cases without retinal neovascularization, while proliferative diabetic retinopathy (PDR) is characterized by the formation of retinal neovascularization.

It is reported that diabetic retinopathy (DR) is one of the leading causes of blindness among patients with diabetes, affecting over 160 million people worldwide. Nearly all types of eye diseases can occur in individuals with diabetes, including retinal hemangiomas, glaucoma, cataracts, vitreous opacities, optic atrophy, macular degeneration, and retinal detachment. Early detection and standardized treatment can help more than 95% of DR patients restore their vision.

Oivi, established in 2017 and headquartered in Oslo, Norway, is a leading medical device company. The company is dedicated to developing high-quality, low-cost retinal imaging devices for the early screening of diabetic eye diseases.

Oivi’s products are equipped with a high-definition camera system capable of performing high-precision scans of the human retina, delivering clear imaging. Furthermore, the device integrates deep learning algorithms with embedded neural computing chips to achieve fully automated image capture and retinal disease diagnosis through pupil tracking, thereby minimizing unnecessary subjectivity and other interferences. The device is user-friendly and suitable for general medical institutions and health examination centers, meeting the needs of both healthcare professionals and patients.

Oivi executives stated, “Oivi’s medical devices can perform early screening for diabetic retinopathy (DR) through eye scans to improve visual outcomes in patients with diabetes. Furthermore, our products have achieved automated analysis of retinal images, helping ophthalmologists enhance clinical efficiency.”

Rajiv Raghunandan, Executive Partner at Arali Ventures, stated, “The Oivi team possesses strong capabilities, and its optoelectronic sensor system has now progressed from the conceptual stage to scaled production. We believe Oivi’s advanced devices will have a significant impact on hundreds of millions of diabetes patients worldwide.”

Arali Ventures, established in 2017 and headquartered in Bangalore, India, is a venture capital and financial services firm. The company is dedicated to providing financial support to healthcare enterprises in India and around the world.

(Compiled by Xu Xiaoxue)