Edinburgh University medical technology spin-out i2Eye Diagnostics has secured £600,000 in new funding to promote the marketing of revolutionary sight-testing technology after securing approval from regulators.
The company, launched in 2010 and based in the Edinburgh BioQuarter, has pioneered a "fail-safe" way to assess the field of vision of hard-to-test groups such as children and the physically impaired. Such testing is key to diagnosing optical and neurological abnormalities, but is difficult with patients unable to suppress reflexes or give responses.
It has also secured its initial sales of the patented SVOP visual field analyser, developed at the Royal Hospital for Sick Children in Edinburgh, which is the first to track eye movements rather than rely on patient responses.
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The £600,000 has been raised from Glasgow angel investor Kelvin Capital, along with the Scottish Enterprise Co-Investment Fund, Edinburgh University's investment arm, Old College Capital, and the company's own founders and management.
I2Eye Diagnostics has made its first sales to "world-leading" opthalmic medicine centres in the United States and Germany. Chief executive Peter Estibeiro said: "We are very sales-focused as we need to sell to justify the support we've had."
The company is hoping to manufacture and sell 30 devices in 2013, rising to 200 in 2014, which would bring in revenues of £300,000 and £2 million respectively.