Join us on our mission to develop revolutionary non-invasive diabetes screening and monitoring devices.
Business overview
| Location | Reading, United Kingdom |
|---|---|
| Social media | |
| Website | www.occuity.com |
| Sectors | Healthcare Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 12192959 |
| Incorporation date | 6 Sep 2019 |
Investment summary
Business highlights
- Disruptive Handheld, Non-contact, Optical MedTech - 15 Patents granted/pending
- $39 Billion Estimated Combined Global Markets
- Exciting new opportunity: AX1 Axiometer, for Myopia Management
- Significant commercial traction with partnership discussions
Idea
Introduction
Occuity is using the eye as a window on the health of the body.
Our mission is to improve the lives of hundreds of millions of people by revolutionising how some of the world’s most prevalent diseases, such as diabetes, myopia and Alzheimer’s, are detected and managed.
Ultimately, we plan for products, such as our non-invasive glucose meter, The Occuity Indigo, to replace painful, repetitive, and invasive blood tests, with a simple, pain-free and quick, scan of the eye.
Our patented non-contacting technology platform works by safely shining a low-power beam of light into the eye to measure structures and detect disease markers. This means we can not only check a patient’s eye health but also their broader well-being, particularly where this relates to chronic life-changing conditions, such as diabetes.
Occuity’s technology provides a platform for a strategic roadmap of disruptive solutions targeting three distinct markets: Ophthalmology, Glucose Monitoring (Indigo) and Diabetes Screening - worth an estimated $39Bn/year.
Occuity is particularly interested in addressing the growing problem of diabetes. With 537 million people suffering globally, we’re developing products that will both enable earlier screening and, with Occuity Indigo, deliver non-contacting, pain-free glucose monitoring.
Substantial accomplishments to date
o Largest MedTech Raise on Seedrs in 2021, with over 800 investors from 38 countries
o 15 Patent families covering technology (9 Granted, 6 Pending).
o £1.5m+ Grants Awarded – Most recently a £1.4m Future Fellows Leadership Grant
o Significantly enhanced the team - key recruits in commercial, engineering and compliance.
o Awarded Tech Start Up of the Year 2022 and the Thames Valley Tech Awards.
o Approval for clinical trials at Portsmouth Hospital – expected for City University (London) shortly
o First ophthalmic device (PM1) has undergone all safety and most regulatory tests required to enter CE certification.
o Distribution Agreements for PM1 with several European distributors in discussion
o Production partner, STI, manufacturing first 60 PM1s for provision to distributors and KOLs
o Launched PM1 at Medica & 100% Optical Tradeshows. Additional presence on E.Janach stand at ESCRS in Milan.
o Expanded ophthalmic range by developing handheld prototype of myopia screening and monitoring device – AX1 - myopia is predicted to affect 50% of the world’s population by 2050.
o Completion of 4 prototype glucose monitor (GM1 – “Indigo”) devices as part of the Innovate UK grant work - Results approaching those required by the ISO standard in vitro.
Monetisation strategy
Occuity’s technology platform enables a clear roadmap with multiple revenue streams, providing a transition from initial product sales to a recurring revenue model. A further significant benefit of our underlying technology platform is that new revenue opportunities are also likely to be uncovered- as demonstrated already by the AX1 project.
Occuity’s strategy is to use the revenue from the sales of the initial devices to reduce reliance on external funding - although a series B funding round is planned in 2023. Gradually, as more devices come to market, data will become an ever-increasing proportion of our revenue stream. Occuity’s revenue model will therefore increasingly transition to recurring revenue with an ultimate and realistic goal of this becoming more than 90% over time.
With the significant commercial traction experienced by Occuity over the last 6-12 months, the PM1 Pachymeter very close to market and the expectation that one or more commercial partnerships for the AX1 will be secured.
Use of proceeds
Funds raised in this round will be used by Occuity with the aim to create revenues by commercialising PM1, continuing the development of AX1 and getting G1, (Occuity Indigo) to the point of small clinical trials – all of which are significant value inflection points for the company.
To deliver these advances, Occuity will:
o Increase our marketing activity to drive sales through our growing
distributor base.
o Continue to build our engineering, quality, and regulatory teams
o Enhance our development, test and production infrastructure
Key Information
Share classes
The company currently has 4 classes of shares: Ordinary Shares, A Ordinary Shares, B Ordinary Shares and Preferred Ordinary Shares. Prior to the current investment round, just 3% of issued shares were B Ords, and no A Ords have yet been issued.
The majority of offline investors in the round, including Seedrs investors, will be receiving Ordinary Shares. £439,000 from offline investors have chosen Preferred Ordinary Shares, although these do not have EIS eligibility.
The rights attached to the share classes are as follows:
Preferred Ordinary Shares:
• Voting rights
• On a liquidation or exit:
- If the proceeds per share are £48 or less, Preferred Ordinary Shareholders will receive a 1 x participating preference.
- If the proceeds per share are between £48 and £72, Preferred Ordinary Shareholders will receive a ratcheted participating preference of 1x or less.
- If the proceeds per share are £72 or more, Preferred Ordinary Shareholders have no preference and will participate pro rata with the Ordinary and A Ordinary Shareholders.
B Ordinary Shares (Growth Shares):
• No voting rights
• On a liquidation or exit: an amount per share equal to the proceeds per share less £8.8125 i.e if on an exit, proceeds per share were £70, B Ordinary Shareholders would receive £61.1875 per share (after the Preferred Ordinary Shareholders had received 0.833 x their initial investment amount).
Ordinary Shares:
• Voting rights
• No preference on liquidation or exit, right to participate pro rata after the Preferred Ordinary and B Ordinary preferences.
A Ordinary Shares (Staff Option Scheme):
• No voting rights
• No preference on liquidation or exit, right to participate pro rata after the Preferred Ordinary and B Ordinary preferences.
Cash runway
The company is planning to raise £3m or more through a variety of sources. As one of the sources in this round, the company aims to raise a minimum of £1.5m via its Seedrs campaign, representing at least 6 months of runway. In addition to this, and any overfunding from Seedrs, the company anticipates further capital will be raised from additional investors.
Consultancy agreements
Occuity Ltd has consultancy agreements with (1) Commi Holdings Ltd which provides advising and implementation of IT and telecom infrastructure strategies, ad-hoc software consultancy, marketing and administration services, and (2) CGX Holdings Ltd which provides management advisory services. A director and shareholder for Occuity Ltd is also a director and shareholder for both Commi Holdings Ltd and CGX Holdings Ltd.
Patents
Occuity Ltd. owns all patents and IP bar the Japanese national filing of its trigger signal patent. This is currently in the process of being transferred to Occuity and the company expects that transfer to be complete in a couple of months. In the meantime, Occuity has a royalty free licence over this national filing and it is important to note that the US, UK, German and French filings for this patent have already been acquired by Occuity Ltd.
Outstanding creditors
The company currently has £124k of trade and other creditors outstanding.
Open an account to get access to the team members of Occuity
Already have an account? Log in
To comply with financial regulations, we can only show full campaign details to registered users.
Only shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy shares