Avant Technologies Inc. and Ainnova Tech, Inc. are partnering to commercialize Ainnova’s proprietary low-cost retinal camera combined with an artificial intelligence (AI)-based software platform.
As a result of this collaboration, a new company has emerged: Ainova Acquisition Corp.
Let’s start with a rundown of these players.
First up: Avant.
Based in Las Vegas, Nevada, Avant is a technology specializing in the development of AI-based solutions that “broaden and strengthen the AI industry” as well as:
- Developing the next generation of cloud supercomputing
- Creating AI-based products and solutions
- “Avant! AI” is an AI engine that provides advanced machine learning algorithms and data analytics to assist businesses in improving their tech
- Providing AI technology to business-to-business (B2B) clients, third-party developers
Next: Ainnova.
- Headquartered in San Jose, Costa Rica, and Houston, Texas, the Nevada-based healthtech startup is utilizing AI to create AI-based solutions for early disease detection.
- The disease focus: retinal diseases—specifically diabetic retinopathy (DR)
Key to this: VisionAI, the company’s proprietary AI-based platform.
Tell me: Why focus on DR?
On a global scale, an estimated 1 in 10 adults (totaling half a billion individuals) currently live with diabetes. Of that, 30% to 40% of diabetics are also living with DR.
In other words (or, rather, numbers): This translates to roughly 103 million people—which is projected to rise to 161 million by 2045.
- Even further: Recent reports have also identified DR (specifically, proliferative DR) as the leading cause of vision loss and preventable blindness among working-age adults (aged 20 to 65).
This brings us to the current diagnostic error rate (failing to accurately diagnose) in DR—which stands at 49%—and the development of Ainnova’s Vision AI.
Gotcha. Now talk about this platform.
VisionAI is an advanced web platform designed to “rapidly and accurately detect (DR) and other retinal diseases” during a fundus eye exam.
- The platform is also reportedly capable of detecting other diseases and retinopathies early on, including:
- Glaucoma
- Macular edema
- Age-related macular degeneration (AMD)
- Alzheimer’s disease
- Kidney disease
- Liver fat
- Cardiovascular risk
How it works: Within just seconds, VisionAI compares “tens of thousands” of retinal images validated by a retinal specialist and turns that analysis into a report.
- To note: The platform currently operates with any fundus camera on the commercial market.
And how will this be utilized in the partnership?
The companies are working to exclusively develop a lower-cost and easy-to-use retinal imaging camera that (in chronological order):
- Integrates with VisionAI
- Capture images automatically
- Uploads images to the VisionAI software platform
- Produces a “risk report” in seconds
Who’s developing this camera, exactly?
Technically? Both companies—through that joint company we mentioned earlier: Ainova Acquisition Corp. (AAC).
The deal: AAC will develop the retinal cameras as part of a joint venture and licensing deal in regards to Ainnova’s technology portfolio.
- Plus: The joint company will also own the licensing rights to develop, maintain, and market Ainnova’s technology portfolio in North America (United States and Canada) and across Europe.
And how will this be marketed?
In a package deal with the VisionAI platform as a Software as a Service (SaaS) + retinal camera package, according to the companies.
Specifically: This business model is a “pay-per-use platform, per patient, monthly” targeting the following healthcare settings:
- Primary care clinics
- Insurance companies
- Opticians
- Pharmacies
- Occupational health companies providing services to employees
- Pharmaceutical companies selling treatment or therapies
What else should we know?
Ainnova reported that it currently has commercial agreements with pharmaceutical companies, clinics, insurance companies, and medical service providers that will provide AAC with “guidance into marketing the SaaS + retinal camera package in the North American and European markets.”
And what’s the intent behind this?
Essentially: To establish retinal scans as part of standard, routine healthcare.
“The goal is to provide patients with a risk screening so that they can be referred to the appropriate specialist,” according to Vincio Vargas, Ainnova CEO. “Our proprietary retinal camera, combined with our VisionAI software technology will offer a real accessible opportunity for early detection—and this is how we are going to impact the world.”