FINANCING
SensoRy AI, a Newport Beach-based firm building an artificial intelligence-based sensor network, has received about $1.8 million in Small Business Innovation Research grants from the U.S. Navy.
The company’s technology is designed for logistics, specifically enabling predictive maintenance to prevent operational disruptions. It was orginally developed for early detection of environmental hazards such as high-voltage fire sparks.
“The Navy has always known that environmental protection is critical to the Navy’s ability to operate and train effectively while defending the Nation,” said Rear Admiral Mark Heinrich, a retired Naval officer with almost 35 years of leadership experience, and an investor and advisor to SensoRy AI.
“It’s clear that SensorRy AI’s emerging capabilities will be an important, future capability in pollution prevention and compliance, as well as reducing the cost of operations and maintaining the readiness of the Fleet.”
SensoRy AI was founded by Ryan Honary, a 13-year-old who came up with the concept for the sensor network after witnessing the devastation of the Camp Fire in 2018. He was exposed to programming at a young age, as his father was formerly an engineer at Intel and Broadcom.
The company expects to commercialize its technology and grow from about 10 to 30 people by year’s end.
LAUNCH
Eyedaptic Inc. of Laguna Hills unveiled the latest version of its vision-enhancing glasses this month.
“We believe the EYE3 sets a new benchmark for the best user experience,” Chief Executive Jay Cormier said. “Image quality, comfort and convenience are best in class for a wide variety of use cases—all made possible through our patented Augmented Reality software embedded in exclusive sleek looking eyewear.”
The EYE3 uses embedded software to optimize the user’s peripheral vision through a higher resolution camera that enhances pixels. The battery-powered device includes a faster processor that enables a reimagined user interface and advanced image stabilization, among other improvements.
The company’s wearable devices are intended to help patients with retinal-related vision challenges such as age-related macular degeneration. It plans to continue to expand access through a partnership with Vispero, an assistive technology provider that gives Eyepdatic access to a salesforce of a few dozen and a dealer network of about 50.
Eyedapitc last February closed a seed round of financing co-led by Tech Coast Angels in Orange County and San Diego, and Band of Angels in Silicon Valley. It is currently raising funds on crowdfunding platform StartEngine as it pilots its next-generation device, which is intended to be ultra-lightweight due to phone-tethering capabilities.
Aliso Viejo-based Egnite Inc. recently took the wraps off its new suite of predictive algorithms for the early detection of structural heart disease.
The algorithms utilize data from over half a million de-identified echocardiograms to predict the likelihood that a moderate aortic stenosis (AS) patient will progress to severe disease, as well as the likelihood that a patient has been undiagnosed with severe AS.
By following the progression of the disease, Egnite seeks to promote “more immediate intervention and navigation through the healthcare system,” Chief Executive Joel Portice said.
Portice says that 25% of patients that undergo an echocardiogram are diagnosed with moderate or severe structural heart disease, yet as few as 11% of patients receive repeat tests at the recommended interval. Further complicating matters are poor scheduling systems, short patient visits and lack of communication between primary care physicians and specialists that can lead to treatment delays, Portice said.
Egnite’s main product, named the CardioCare program, was developed at Edwards Lifesciences Corp.’s tech incubator for cloud-based solutions in Irvine. The $60 billion-valued heart valve maker spun the company off earlier this year, though it remains the main investor in Egnite.
CardioCare is already being used in over 50 leading hospitals in the U.S. including Stanford Health Care and Northwestern Medicine system.
CLINICAL RESULTS
Irvine-based stem cell therapy firm AIVITA Biomedical Inc. last week announced positive Phase 2 results for its glioblastoma (GBM) cancer vaccine.
Glioblastoma is a rare form of brain cancer with a five-year survival rate of only 6.8%. The average length of survival is estimated to be only 12 to 18 months, according to the National Institutes of Health.
Follow-up analysis at about six months demonstrated the company’s GBM therapeutic showed a 50% improvement in progression free survival compared to historical standards of care. That represents a 42% reduction in the risk of disease progression or death at 6.9 months.
Median survival—or how long patients survive after receiving treatment—has not been reached and will be assessed after the final patient has a minimum follow up of 15 months, the company said.
In addition to pursuing a Phase 3 trial for its GBM treatment, the company is also investigating its platform in melanoma patients. Other work includes a COVID-19 vaccine that could be available later this year.
The company, founded by Chief Executive Hans Keirstead in 2016, raised $25 million in a Series B-2 round of financing in January.
NEW HIRES
Ophthalmic device maker AcuFocus Inc. of Irvine this month brought on John Garland as global vice president of sales.
He was most recently vice president of global sales at MicroSurgical Technology, a Redmond, Wash.-based maker of surgical instruments for ophthalmic surgeons. He previously held sales positions at Bausch + Lomb and Abbott.
Garland will “play a crucial role in helping to grow our sales force and position AcuFocus for continued success as the company prepares for the launch of its small-aperture intraocular lens in the U.S.,” Chief Executive Alan Waterhouse said in a statement.
The company also added Jason Safabash as vice president of research and development. He was previously a senior principal engineer at Alcon and counts past ties to local firms Sonendo and Abbott Medical Optics.
AcuFocus is awaiting FDA approval for its intraocular lens, which uses a unique small aperture mechanism of action to channel light through a small opening and extend depth of vision for patients with cataracts.
The company has raised more than $200 million since inception and expects to start selling its technology in late 2021.
PrimaHealth Credit recently hired Chad Johnson as director of loan operations.
Johnson joins the Newport Beach-based patient financing company from San Francisco-based LendingClub, where he was a senior manager of partner network collections and recovery. He was formerly a senior manager at SoFi and Funding Circle US.
The healthcare lending service uses an analytics engine to analyze over 200 patient attributes to determine fraud, bankruptcy and, ultimately, ability to pay. It offers financing plans ranging from $300 to $24,000 for aesthetic, dental and vision care, among other medical services.
The company, which plans to expand from five states to 50 this year, claims to increase provider revenue by as much as 20% and reduce bad debt write-offs by up to 40%.
