NovaSight Closes $8 Million Series A Financing

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AIRPORT CITY, Israel—NovaSight, an Israeli start-up specializing in vision care solutions based on AI and eye tracking technology, announced Tuesday that it has finalized its round A financing totaling $8 million. The round was led by Rimonci Capital and joined by strategic investors from both pharmaceutical and medical device industries. Prior to this round the company raised $8 million for a total of $16 million. NovaSight said the funds will be used to advance research in a large multi-center randomized pivotal study that will support FDA 510(k) clearance for its lazy eye treatment device and for the development of future eyecare products such as eye-tracking based active glasses for myopia control.

"We're excited to receive this vote of confidence from our current and new investors and to continue to move forward in battling vision disorders,” said NovaSight CEO Ran Yam. “We're proud of the impact our products are having on improving patient quality of life in a fun and easy way. Our focus is on the hundreds of millions of children who suffer from vision disorders and if left undiagnosed and untreated can lead to significant eye health problems in adulthood."

He added, "During COVID-19 when alternative health care diagnosis and treatment methods are required, we're putting the emphasis on continuing to develop telehealth solutions. Our products are ideally positioned for remote diagnostics and home treatment."

NovaSight offers two flagship products: The CureSight system is an eye-tracking based lazy eye treatment intended to replace traditional eye patching. It is designed to provide cloud monitoring to caregivers and physicians while the child watches their content of choice from the comfort of home. The EyeSwift system is a comprehensive portable vision assessment device which accurately and objectively screens for multiple vision impairments within seconds.