PhotoniCare Raises $4.6M, Establishes Manufacturing Partnership
Medical device company PhotoniCare has secured $4.6 million in a Series B funding round and formed a manufacturing partnership with Gentex Corporation to produce its OtoSight Middle Ear Scope. The company also finalized the relocation of its headquarters from Champaign, Illinois, to Grand Rapids, Michigan.
Using OCT high resolution depth imaging, PhotoniCare’s OtoSight Middle Ear Scope helps to determine the presence or absence of fluid in the middle ear and to characterize the fluid type, even in the presence of significant ear wax. According to the company, the device is the first FDA-cleared device for middle ear visualization and boasts 90.6% accuracy in the detection of middle ear effusion.
The funding, led by Gentex, is the first close in an expected $9 million round, which PhotoniCare expects to close in-full in the coming months. PhotoniCare previously raised $17 million in private funding and received more than $6 million in Small Business Innovation Research Grants from the National Institutes of Health. The company received a Prism Award in 2020 for its TOMi Scope otoscope device.
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