Tesseract Health announced today that it raised $80 million in an oversubscribed Series B financing round.
Guilford, Conn.–based Tesseract plans to use the funding to advance the development of its Tesseract iC eye imaging diagnostic technology platform by conducting research, accelerating the regulatory processes and ramping up manufacturing, according to a news release.
Other potential uses for the funds include further enhancing Tesseract’s AI capabilities, and some will go toward preparations for commercial launch, the company added.
Tesseract iC is designed to diagnose a range of diseases without drawing blood, with a novel chemical sensor and multiple dimensions of imaging technology with AI for imaging the retina. It is a binocular eye imaging device that is portable, operable by anyone, telemedicine compatible and intended to be affordable.
Funds produced in the Series B round came from investors including Foresite Capital, Glenview Capital and Opaleye, Tesseract said.
“Our mission is to democratize healthcare on a global scale,” Tesseract founder Dr. Jonathan Rothberg said in the release. “Tesseract aims to disrupt healthcare by leveraging the wealth of information that exists in the human eye to promote health equity. Everyone, anywhere, must have access to life-saving diagnostic information. With Tesseract’s device, we believe they will.”