|Freedom Meditech will use its latest raise to market an eye scanner that detects early signs of diabetes.--Courtesy of Freedom Meditech|
San Diego startup Freedom Meditech has hauled in another $7 million in venture funding, cash the company will use to market a device that can screen for signs of diabetes through an eye scan.
With the Series B round, Freedom has the cash to support the launch of ClearPath DS-120, a device that scans the crystalline lens of the eye for signs of autofluorescence, an early indicator of diabetes. Freedom won FDA clearance for the scanner in January and kicked off a commercial launch in June.
The latest $7 million brings Freedom's total venture raise to $10 million, and the company is setting aside some of the funds to develop I-SugarX, a noninvasive glucose meter that works by holding a small device in front of the eye.
"With diabetes reaching epidemic levels around the world, there is a critical need for new technologies for early detection and monitoring of the condition," CEO Craig Misrach said in a statement. "These funds will allow us to advance the early launch of ClearPath and also further expand the intellectual property position of our I-SugarX diabetes glucose meter."
After each scan, ClearPath DS-120 churns out a quantifiable result, helping physicians tailor treatment to a patient's individual autofluorescence level. Roughly 80 million Americans have prediabetic conditions, according to the Centers for Disease Control and Prevention, and Freedom believes its technology can help identify many of those patients before their symptoms worsen.
The company didn't disclose its investors in the latest round, saying only that the cash came from new and repeat backers.
- read Freedom Meditech's statement