Digital Diagnostics raises $75M funding for diabetic retinopathy AI
A simplified diagnostic system to improve screening for diabetic retinopathy
Diabetes affects more than thirty million Americans, with an estimated 60,000 losing their vision each year due to diabetic retinopathy. There are 14,000 diabetic patients for every ophthalmologist who needs to test their eyes for diabetic eye disease every year.
The funding round follows Digital Diagnostics' series A round, which closed with $33 million in 2018. Since its inception in 2010, when it was known as IDx, the Iowa-based company has raised more than $130 million.
IDx-DR accepts images captured with fundus cameras. It analyses each photo in about 30 seconds for early signs of diabetic retinopathy—a condition that occurs in diabetics and can lead to vision loss or blindness—as well as macular edoema, a serious complication of the condition.
The simplified diagnostic system's primary goal is to improve diabetic retinopathy screening, as estimates show that only about half of all diabetes patients visit an eye specialist for the recommended annual screening.
The company has over 500 contracted customers in the United States and more overseas, including the University of Iowa Hospitals and Clinics, which used IDx-DR during COVID to clear its patient backlog after all non-essential eyecare appointments were cancelled.
One customer, Zufall Health, saw a 400% increase in patient diabetic eye exam adherence with the addition of IDx-DR, with 25% of those patients identified as potentially having vision-threatening eye disease due to diabetes.
Ultimately, Digital Diagnostics' mission is to improve patient outcomes by providing high-quality, low-cost access to diagnostics through artificial intelligence, with success defined as patients who would otherwise have to wait months for testing now receiving it at their primary care office, a local retail outlet, or a diagnostic chain.