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AI-driven retinal disease detection in optometry
Nov. 20, 2024
Avant Technologies, Inc., and Ainnova Tech, Inc., announced that they have entered into a joint venture and licensing agreement with the formation of Ai-nova Acquisition Corp (AAC).
The partnership was formed to advance and commercialize Ainnova’s technology portfolio, including its “VisionAI” platform and its “Versatile Retinal Cameras.”
Ainnova will contribute to AAC its proprietary technology portfolio, including VisionAI and its retinal camera technology, and the licensing rights for AAC to develop, maintain and commercialize the technology portfolio in both North America (U.S. and Canada) and Europe, while Avant will be responsible for the capital requirements to operate AAC.
VisionAI is an AI-driven platform that can detect diabetic retinopathy and other retinal diseases, as well as diseases unrelated to the retina like cardiovascular disease and potentially even Alzheimer’s with high accuracy and speed using retinal scans.
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Meanwhile, Ainnova’s retinal cameras are integrated with VisionAI for precise retinal scans. Along with the VisionAI software, Ainnova’s retinal cameras, offer AAC SaaS + retinal camera commercialization opportunities with opticians and eyecare centers in two e-markets, North America and Europe.
Making Routine Retinal Scanning a New Standard
The companies say their partnership seeks to make retinal scanning a new standard in primary care and basic health services by diagnosing many diseases early through a simple visual test that AAC can offer as a scalable and accessible solution.
Vinicio Vargas, Chief Executive Officer of Ainnova, commenting on the partnership said, “This joint venture aligns perfectly with our long-term goals, and as we work together to push the boundaries of what’s possible in the health-tech sector, we look forward to setting new standards and bringing transformative solutions to patients around the world in an accessible way.”
With over 500 million people living with diabetes globally, VisionAI is designed to detect the early markers of diseases like diabetic retinopathy, which is the leading cause of blindness among working age adults. Over 30 percent of those living with diabetes will develop diabetic retinopathy, a disease that can be prevented with an accurate diagnosis.
The companies point out that, unfortunately, there aren’t enough ophthalmologists globally. And 95 percent of cases of blindness due to diabetic retinopathy can easily be prevented with an early and accurate diagnosis. “Using advanced algorithms to analyze retinal images with precision, reliability and speed, VisionAI can bridge the gap between too few ophthalmologists and tens of thousands of people who need to get tested,” the companies point out.
According to Ainnova, the diagnostic error rate in diabetic retinopathy is about 49 percent “and this is where VisionAI offers a positive impact for patients. VisionAI is a powerful tool to support the physician and give their patients accurate information that can improve their lives.”
