PhotoniCare Announces Over $7M in Funding
PhotoniCare Inc. has announced it is receiving more than $7 million in funding to commercially expand its ear imaging technology, TOMi Scope. The company, which provides diagnostic tools for the health care industry, has been awarded more than $5 million in Series A financing from i2E Management Company Inc., with OSF Ventures, Sony Innovation Fund, and Dreampact Ventures serving as co-investors.
PhotoniCare has also received more than $2 million in a Phase II Small Business Innovation Research grant from the National Institutes of Health (NIH). The National Institute on Deafness and Other Communication Disorders of the NIH supported the grant award.
TOMi Scope is a video otoscope that assesses the middle ear and middle ear fluid directly, visualizing through the eardrum. The scope both determines the presence or lack of fluid, and provides information as to the type of any fluid that may be present.
Middle ear fluid is a primary indicator for determining ear infection, a leading cause of hearing loss, surgery, and antibiotic use. Otoscopy currently visualizes only the surface of the eardrum, leading to potential misdiagnoses.
PhotoniCare will apply the $7.3 million in combined financing to expand its executive team, increase manufacturing capabilities, and fuel artificial intelligence development to enable real-time decision support for the TOMi Scope.
In a corresponding announcement, the company named Jeff Hydar its chief commercial officer. Hydar previously served as vice president of sales at Kent Imaging, and, with more than 20 years of experience in pharmaceutical and medical device leadership, has held positions with Johnson & Johnson, LifeCell (Acelity), and Medline.
PhotoniCare this year won a Prism Award (health care) for its technology.
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Published: September 2020
Glossary
- otoscope
- An otoscope is a medical device used by healthcare professionals, particularly ear, nose, and throat (ENT) specialists, primary care physicians, and pediatricians, to examine the ear canal and eardrum. It consists of a light source, a magnifying lens, and a speculum, which is inserted into the ear to provide a clear view of the ear canal and tympanic membrane (eardrum).
Key components and features of an otoscope include:
Light source: Otoscopes are equipped with a light source,...
BiophotonicsPhotoniCareear canal imagingotoscopemedical imagingfundingBusinessgrantawardsPrism AwardsNIHNIDCDappointmentshealthcaremedicalmedicinepeoplePrism Awards 2020ImagingRapidScan