Runa Capital-led funding to help scale the AI-powered eye pathology detection solution
Chicago, IL, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Altris AI has raised $1 million in a round led by Runa Capital to scale its AI-enabled eye care diagnostics solution. Altris AI, which is a US-based startup originally from Ukraine, is building solutions for the $58 billion global ophthalmology market.
Joint Journey, Pharmaceutical Company Farmak, Artesian, Brinc Limited, University of Chicago Booth School of Business and Chicago Booth Angels also participated in the round.
Over 1 billion people with preventable blindness conditions, such as glaucoma, late AMD and other because of low access to the proper diagnostics and treatment. However, the world faces a shortage of optometrists: there are just 331,000 available professionals versus the 14 million that are needed, according to estimates by the World Economic Forum.
AI can assist optometrists to be more efficient due to the technology’s ability to identify, localize, and quantify pathologies and pathological signs in almost every disease of the macula and retina.
Altris AI developed a SaaS platform based on 5 million OCT scans that detected and interpreted more than 100 pathologies and pathological signs. These include age-related macular degeneration, glaucoma, and choroidal nevus.
Altris AI provides an AI-powered medical image management platform, which is installed in more than 30 clinics. The company also has a free educational mobile app with over 11,000 active users among ophthalmologists and optometrists. Altris AI already partners with global OCT distributors and equipment manufacturers such as Topcon Healthcare, Optopol, and Huvitz.
“We are convinced that blindness can be prevented since it’s predictable. Our core motivation is to develop the most accurate and powerful tool we are able to. We are happy to have the support of a group of VCs that share our values of applying technology for global healthcare,” said Andrey Kuropyatnyk, Founder and CEO of Altris AI.
“Healthcare is one of the most attractive applications for AI. With recent advances in machine learning, the vast volumes of data gathered in this industry will power the solutions that will assist medical professionals everyday. Arming doctors and clinicians with reliable and abundant diagnostics is the first step towards conquering a $58 billion global market,” said Michael Fanfant, Palo Alto-based General Partner at Runa Capital.
About Altris AI
Altris AI is developing an AI platform that assists eye care professionals in fighting blindness. The platform can detect over 100 pathologies, including age-related macular degeneration, glaucoma or choroidal nevus. Altris AI's medical image management platform is already installed in more than 30 clinics, and over 11000+ ophthalmologists and optometrists use its free educational mobile app. Altris AI has partnered with main global OCT distributors and equipment manufacturers Topcon Healthcare, Optopol, and Huvitz. The company is headquartered in the USA with its R&D centers located in Kyiv, Ukraine, and Malaga, Spain. For more information, please visit https://altris.ai
About Runa Capital
Founded in 2010, Runa Capital is an international venture capital firm headquartered in Luxembourg that invests in enterprise software, deep tech (open-source software, machine learning, quantum computing), and software solutions revolutionizing regulated markets like finance, education and healthcare. From 2010 to 2022, Runa Capital raised over $500M and invested in more than 100 companies in Europe and North America, including Nginx (acquired by F5 Networks for $700 million), MariaDB, Zopa, Brainly, DrChrono, Smava, and Mambu. The firm’s founding partners have built several global software companies, including Acronis (valued at more than $3.5 billion after a round with Blackrock), Parallels (acquired by Corel), Odin (acquired by Ingram Micro), and Acumatica (acquired by private equity fund EQT Partners). For more information please visit https://runacap.com/
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