Ophthalmic monitoring co Notal Vision raises $60m

Patient testing device Photo: Notal Vision

Notal Vision is an ophthalmic home monitoring services provider focused on early disease detection and treatment monitoring.

Israeli ophthalmic home monitoring services provider Notal Vision has announced the closing of a Series D financing round of up to $60 million co-led by Soleus Capital and the company’s majority shareholder Ganot Capital. Existing shareholders Elron Electronic Industries Ltd. (TASE: ELRN) and Evergreen contributed significantly to the round.

With its headquarters in the US and its product and development center in Tel Aviv, Notal Vision is an ophthalmic home monitoring services provider focused on early disease detection and treatment monitoring. The investment supports the commercial growth of the company’s current service, the ForeseeHome AMD Monitoring Program, as well as the marekting strategy for its Home OCT pipeline technology.

Notal Vision was founded by serial entrepreneurs Barak Azmon and Yair Alster, and the company has become a pioneer in ophthalmic remote monitoring technologies and services. A local team of 40 engineers and scientists develops patient self-operated diagnostic devices and cloud-based data analytics solutions that give physicians new insights in disease dynamics and help them make timely personalized treatment decisions.

The company collaborates closely with ophthalmologists from the Tel Aviv Medical Center and Assuta HaShalom as well as leading institutions and practitioners in the US. Notal Vision provides commercial stage monitoring services to patients through its US operations. Notal Vision addresses a $5.6 billion US market and plans to expand its services to Europe and Asia in the coming years.

Notal Vision CEO Dr. Kester Nahen said, "The secured funding allows us to expand the remote patient monitoring services our Medicare accredited Notal Vision Diagnostic Clinic provides to patients by building referral partnerships with ophthalmologists, as well as a growing number of medically-minded optometrists nationwide. The financing round lays the foundation for the market introduction of our Home OCT monitoring program for patients with exudative retinal diseases, which is highly anticipated by retina specialists and pharmaceutical companies aiming to better personalize and improve the outcome of existing anti-VEGF therapy and emerging treatment options."

Notal Vision chairman and Ganot Capital healthcare investment managing director Guy Katsav added, "Notal Vision is uniquely positioned to continue to lead the ophthalmic home diagnostic services market. Through our continued investment Ganot Capital aims to improve the quality of life for senior citizens suffering from sight threatening ocular diseases."

Soleus Capital managing director Guy Levy said, "We believe the Home OCT device from Notal Vision has the potential to transform care for millions of patients living with wet AMD and other retinal diseases. Together with ForeseeHome, we believe Notal Vision is at the forefront of remote patient care. Notal Vision is uniquely positioned to improve outcomes and reduce healthcare costs. We are excited to partner with management and company insiders to support Notal Vision's innovative retinal care offering."

Published by Globes, Israel business news - en.globes.co.il - on June 6, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Patient testing device Photo: Notal Vision
Patient testing device Photo: Notal Vision
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