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Over 1 billion people globally do not have access to proper eye-care (due to: logistics, affordability, availability of specialists). As a result, 670M people are losing vision due to uncorrected refractive error. At the same time, eye specialists are occupied with trivial tasks instead of dealing with demanding cases.
Based on the WHO’s recommendation (1:600 optometrist-to-patient ratio) there should be 14M optometrists to provide effective eye care, whereas there are only 330k.
We developed our mobile app - eyeTESTTM - enabling patients to self-examine their eyes’ refractive error at home using just their smartphone.
The distinguishing factor is implementation of objective testing methods, which means that the diagnosis is determined based on the photos of patients’ eyes, not on patient's feedback.
There are just three easy steps to have your eyes tested for refractive error:
As a result, the patient obtains the same information as after the traditional visit at the optometrist office - just within a matter of few minutes.
We are using methods that have already been recognized by ophthalmologists, but the combination and utilization of technology that we carry with us everyday (smartphones) makes the recipe for our secret sauce.
With each subsequent test performed, our neural network is becoming more accurate. Conventional ophthalmology test has +-0.5D accuracy and does not provide information about other parameters and risks that can be highlighted by our test.
The first iteration of the neural network tested on real people using a stock iPhone indicated the standard deviation of measurement errors to be +-0.45D for spherical error and cylindrical error, and 30° for axis error.
We estimate our TAM to be 1.36B people globally. This was determined based on the number of people with vision impairment that are using smartphones.
As a result, the estimated ARR in the targeted regions equals to:
We believe the timing is NOW, as we have 4T:
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