IDx announced that it received $33 million in funding from venture capital firm 8VC, along with Optum Ventures, Alpha Edison and Heritage Provider Network, to continue developing its first diagnostic system, IDx-DR, an FDA-cleared artificial intelligence system to detect diabetic retinopathy.
“We received numerous requests from the investment community to participate in this financing round,” Stefan D. Abrams, vice chairman at IDx, said in a press release from IDx. “We carefully selected our co-investors because of the strategic value they provide the company. We expect this investment to accelerate the adoption of IDx-DR, a unique and much-needed solution for 30 million people with diabetes in the U.S. alone who need to be tested for diabetic retinopathy each year.”
Because it is AI-based, IDx-DR does not require a clinician to interpret the image or results, enabling any type of health care provider, even those not usually involved in eye care, to test for diabetic retinopathy, according to the release.
Already being use in clinical practice at University of Iowa Health Care, the company plans to introduce IDx-DR to more health care systems and it is currently developing additional AI-based systems to detect AMD, glaucoma, Alzheimer’s disease, cardiovascular disease and stroke risk.
“This innovative biomarker-based approach has separated IDx from the hype, allowing them to become the first to introduce autonomous AI-based technologies to health care,” Drew Oetting, founding partner at 8VC, said in the release.