An Innovative New Assessment Method that Tracks Eye Movement
Most people have their vision tested at some point in their lives, either by a doctor or an optometrist, who use an eye chart located a short distance away. It’s surprising that while there has been tremendous general technological advancement, this testing method has not changed in ages.
Established in 2016, NovaSight is active in eye and vision technologies and is expected to revolutionize eye examination methods and treatments, using sensors that track eye movement. NovaSight has developed a revolutionary device that objectively assesses visual impairments with great precision, requiring no active cooperation on the patient’s part. The company has also developed a unique breakthrough treatment for lazy eye – a condition that ails about 3% of the population and is diagnosed in young children.
The next default treatment for lazy eye
About 3% of the population is diagnosed with a condition known as “lazy eye”. Treatment of this medical problem, which is related to the brain, is obsolete and takes a long time, so many of the patients don’t persist with it, partly because it involves wearing an eye patch throughout the day. This results in a decline in the patient’s vision and self-esteem.
Another disadvantage with eye-patching is that it completely ignores the need to treat both eyes together to be able to enjoy depth perception, which is critical in daily activities, such as driving, catching a ball and going down the stairs, to name a few examples.
The NovaSight treatment for lazy eye is sophisticated and comprehensive and all that is required from the patient is to choose what content to watch on the special device for an hour every day. This is how revolutions begin.
Significant advantages and amazing results
CureSight™ is a progressive development from NovaSight for treating lazy eye, which has already been trialed on 20 children at the Sheba Medical Center, with outstanding trial results that included dramatic improvement in visual acuity and depth perception.
The advantages of CureSight™ as compared to eye-patching:
- Fun treatment that requires the patient to watch their preferred content for one hour a day for an average of four month.
- Dual eye treatment promotes depth perception.
- Smart treatment that manipulates the source of the problem in the brain.
- Very high response to treatment (95% vs. 40% with an eye-patch).
- Treatment progression is tracked and is adapted for the patient in real time.
- Can also treat strabismus (eye deviation/squint) via eye-tracking technology.
Treatment is also suitable for adults
Changing the future of routine eye exams
NovaSight is already changing the way we perform eye assessments throughout Europe and soon in the USA. The company developed a unique device that uses sensors to track eye movement and produce an accurate picture of the patient’s vision.
In contrast to the current assessments, which rely mostly on the examiner’s professionalism and the patient’s cooperation, the EyeSwift® test is objective, accurate and includes results of visual acuity, eye deviation/squint, as well as tests for color blindness, reading skills, contrasts and more. Additionally, because the assessment requires no cooperation from the patient, like reading numbers from a chart or any other type of activity, it’s also the perfect assessment for infants.
EyeSwift® was tested on 146 children in Israel and China and has shown very high precision rates when compared to manual assessments, as well as precise results in diagnosing visual impairments.
The advantages of EyeSwift® vision assessment:
- The test is fast, lasting about a minute.
- Provides a comprehensive diagnosis of many visual impairments beyond visual acuity.
- Accurate, reliable and not reliant upon the examiner’s skills.
- Suitable for children.
- Doesn’t require professional and expensive personnel to operate.
Reaching millions of patients across the globe
The NovaSight EyeSwift® solution received CE approval and is currently marketed in Europe by Essilor – the world’s largest manufacturer of ophthalmic lenses, selling accessories to hundreds of thousands of optical stores and ophthalmologists around the world, with a market worth of USD 65 billion.
Essilor signed a global distribution agreement with NovaSight, one that sets a significant milestone for the company, pointing to the high level of trust in the NovaSight product and expected success. As of June 2019, EyeSwift® is sold and marketed in Europe, and with the expected approval by the FDA in 2020, it will begin sales and marketing in the United States and later everywhere around the globe.
Market size and sales potential
The two solutions developed by the company so far are considered breakthrough products that have no real competition in sight. NovaSight already has one registered patent and eight additional patents pending. It’s anticipated that the products NovaSight developed will dominate the relevant market sector and become the default method for vision assessment and lazy eye treatment around the world.
EyeSwift® is marketed by Essilor, the world’s largest manufacturer of ophthalmic lenses, with direct contact to optical stores and doctors. The device will be sold to professionals at professional equipment shops or at ophthalmology clinics around the Western world with a tremendous sales potential due to the distribution agreement between the companies.
The CureSight™ marketing model will rely on leasing for use as needed to people with lazy eye. This condition afflicts 3% of the world’s population is, which is why the model is relevant for millions of people. Once treatment with the device becomes the preferred method of treatment for patients the world over, the company’s profit potential will be huge. NovaSight is currently working to receive indemnity from American insurance companies and later from additional countries, so it will eventually be available for all patients with lazy eye, anywhere in the world.
AI technology promotes the company’s growth
The NovaSight forward looking vision includes further technological developments for treating a myriad of visual impairments, retinal diseases and neurological problems. The NovaSight technology is based on AI, through which the company is learning from its own developments so that future solutions will be able to diagnose and alert in time about risks of developing a wide range of neurological ailments that were found to be related to abnormal eye movement, such as Alzheimer’s, Parkinson’s and more.
NovaSight’s control of the unique Big Data it obtains from the devices it developed, fuels the company’s engine of growth and future expansion. We believe these developments will turn the company into a key player in digital solutions for global human health.
Invest in NovaSight before the leap
NovaSight has already raised over USD 8 million from leading investors, including a venture capital fund specializing in ophthalmology, and three government grants from the Innovation Authority in total of one million dollars (US) and is facing highly significant events, such as the imminent FDA approval in 2020, all of which are expected to increase its worth, and will allow it to unveil to the American market.
Alongside the global distribution agreement with Essilor, NovaSight is currently in advance negotiations with other giants for collaboration and investment.
Among these companies are two of the world’s leading pharmaceutical corporates, with aggregated market worth of over USD 200 billion, as well as a world leader vision care company. With some of these companies NovaSight is in the due diligence process prior to investment in the first half of 2020 and based on a much higher valuation than reflected in the current round. This is a rare opportunity to invest in the company at accessible value, just before the great leap!