[Funding alert] IP Ventures invests in Leben Care, an AI startup fighting avoidable blindness
Singapore-based retinal diagnostic startup Leben Care has raised funds in an angel round that saw participation from IP Ventures, a sub-initiative of CXO Genie. While the amount remains undisclosed, the startup announced that it will be utilising the funds to fight avoidable blindness by strengthening its product, sales, and marketing teams.
An artificial intelligence-based healthtech startup, Leben Care focuses on improving the quality of diagnosis across the areas of life sciences.
It’s flagship AI platform Netra.AI uses cutting-edge algorithms with a four-step deep convolutional neural network (DCNN) to enable automated analysis of retina image. This retinal image analysis could be used by technicians, nurses, and optometrists to conduct basic screening with minimal specialist intervention and deliver real-time reports.
“In our country and even worldwide, there is a huge supply deficit when it comes to screening and diagnostic ophthalmology services,” said Mitesh Shah, Co-founder of IP Ventures, commenting on their latest investment in the AI-based retinal diagnostic startup. “Leben Care has a competent team and some great strategic partnerships. We are very excited to partner with them.”
Globally, around 700 million people are at a risk of suffering retinal damage, according to Leben Care’s official release. As compared to this, there are only 200 thousand ophthalmologists and 35 thousand retina experts worldwide, leading to an obvious supply gap. Leben Care aims to plug this very gap with its scalable technology.
“We are on a mission to fight avoidable blindness using AI and hope to make this technology available to millions who struggle to get access to basic screening. Our platform Netra.ai is intended to be the go to place for all ophthalmology-related AI solutions,” said Leben Care Co-founder Nitin Srivastava, adding how the team of industry experts at IP Ventures is going to be of tremendous value at this phase for the company.
“Even the conversations during the entire due diligence process have helped us tremendously in shaping our approach,” Srivastava added.
(Edited by Evelyn Ratnakumar)