RICHMOND, Calif., Oct. 4, 2017 /PRNewswire/ -- BroadSpot Imaging, a medical diagnostic company focused on expanding patient access to superior eye-based diagnostics for ophthalmic and other medical conditions, has secured $7.5M in Series A funding. BroadSpot will use the funds to advance development of its suite of low cost, high efficiency imaging devices and related software services. Phoenix Venture Partners (PVP), a leading venture capital firm with domain expertise in optics and advanced materials, led the financing. PVP was joined by Camino Real Capital Partners (CRCP) along with the company's prior angels investors, which include a syndicate of leading ophthalmologists.
"We are extremely pleased to have the support of Phoenix Venture Partners. Their partners bring more than capital, offering strategic and operational advice as well as value chain connections helpful in fostering BroadSpot's organizational progress through product development to commercial success," said CEO Bart Bandy.
BroadSpot Imaging Corporation, based in Richmond, California, leverages its novel optics technologies to deliver low cost, small form factor diagnostic devices that both expand patient access to and improve efficiency for medical examinations in existing eye care settings and beyond. "We see our investors as partners on our mission to make medical eye care better, more accessible and less expensive," said ophthalmologist Tushar Ranchod, MD, Founder and CTO of BroadSpot Imaging.
"We are excited to be working with BroadSpot. The company's disruptive imaging platform has the potential to dramatically expand patient access to eye exams and to enable the diagnosis of other medical conditions not traditionally thought of as ophthalmic," said Dr. Zachariah Jonasson, Managing General Partner of PVP.
Dr. Jonasson will be joining BroadSpot Imaging Corporation's Board of Directors. The company's board also includes Dr. Frank Levinson, who was an early investor in the company and Jim Taylor, former CEO of Carl Zeiss Meditec and Oraya Therapeutics. BroadSpot Imaging is further supported by an experienced management team and prominent clinical advisors.
Dr. Levinson adds, "What sets Broadspot apart from other startups is the strength of their team. In addition to their established clinical and market experience, they are effectively weaving together complex optical system design with innovative electronic hardware, clever mechanical design and graceful user-centric software. We are glad to be partnered with such deep talent and determination."
By upending the diagnostic business model and expanding technology access into substantial new markets, BroadSpot Imaging is poised to dominate a new category of ophthalmic and optometric diagnostic device/service just as aging demographic shifts predict significant escalation in eye care needs.
About BroadSpot Imaging Corporation
BroadSpot Imaging Corporation is developing a suite of diagnostic medical devices and services for eye care. BroadSpot Imaging leverages advanced imaging technologies and small-scale, cloud-connected electronics to replace bulky, expensive diagnostic instruments with cost-effective handheld instruments and a series of valuable services. The company's technologies will fundamentally improve how eye care is delivered worldwide by delivering a unique value proposition: eye doctors can expand patient access to medical eye care with devices and services that are portable, comprehensive and lower cost than existing products.
About Phoenix Venture Partners
Phoenix Venture Partners (PVP) is a leading venture capital firm that partners with entrepreneurs to commercialize breakthrough materials science and device innovations. PVP's team has a track record of founding, building, growing, and investing in successful start-ups. PVP is based in Silicon Valley with satellite offices in Seattle and Cambridge, MA. For more information, please visit http://www.phoenix-vp.com.
About Camino Real Capital Partners
Camino Real Capital Partners, LLC (CRCP) is a private venture capital investment firm located in Santa Fe, New Mexico. The firm's mission is to invest in America's best innovators and emerging technologies, with an emphasis on developing relationships, growth opportunities and value. CRCP focuses on investments in platform technologies, emerging medical device and life science innovations and transformative materials breakthroughs, where the firm seeks experienced teams, value, growth and capital appreciation for all stakeholders.
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SOURCE BroadSpot Imaging Corporation