Novai, a biotechnology start-up originating from University College London, has secured £500,000 in seed funding in a round led by SFC Capital.
The funding will be used to further develop Novai’s AI-powered technology that enables standard medical imaging equipment to identify eye disease at a cellular level up to 18 months earlier than current gold-standard processes. Novai has also appointed Gordon Bethwaite as acting chief executive.
Novai recently closed its first commercial agreement, a research collaboration with Santen USA, and is also actively responding to significant global commercial interest.
Rohallah Ghasemi, investment manager at SFC Capital, said: “Novai’s innovative combination of technology and biomedicine represents the future of preventative care, with the potential to make a massive difference for anyone who might suffer from degenerative diseases in the future. The founders have assembled an extraordinary team of experts and advisors, and we are pleased to be supporting them as they continue to prove the capabilities of the technology and grow the company. We’re excited to see what they achieve next.”
Date published: July 24, 2020