Reposted from BetaKit |

Electronic glasses company eSight has raised $10 million in a debenture funding round led by iGan Partners to help with new technology development.

The $10 million debenture funding will be used to help eSight support the development of new (undisclosed) technology as well as international expansion. eSights did not disclose other investors in the round, or its total funding to date.

“The new executive team members [are]…bringing invaluable experience and expertise to the eSight team.”

The Toronto-based company, looking to help visually impaired people see, launched the third iteration of its smart glasses in early 2017. eSight had its first commercial launch in 2013 when the company was still headquartered in Kanata, Ottawa. At the beginning of 2018, eSight pledged that by 2020 it would help 50 million people worldwide living with vision loss and blindness.

Since the launch of eSight 3 in 2017, the company has claimed substantial business growth, with its customer base reportedly growing more than fivefold as the device became available in more than 45 different countries. On the back of that growth, eSight was able to reduce the price of its smart glasses, which previously cost a hefty $12,500 CAD. In January, the company announced a 40 percent reduction in price, contributing it to production costs having fallen “considerably.”

The company argued that the price reduction would help to empower more public and private institutions to cover the cost of eSight smart glasses for visually impaired users, with the hope of making the technology accessible through employee benefit programs, standardized accessibility offerings, and more.

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Watch Globalive Media’s “Beyond Innovation” on Bloomberg TV Featuring MolecuLight’s Dr.Ralph DaCosta

Globalive Media’s “Beyond Innovation”, which aired on Bloomberg Television around the world. MolecuLight uses new imaging technology to help clinicians take the guesswork out of their treatment plans. Dr. Ralph DaCosta, Founder and Chief Scientific Officer tells Anthony Lacavera how light can automatically visualize bacteria at every stage of wound care

(Read more about MolecuLight…)

Behind The Fundraise with iGan Partners

On April 18, Toronto-based VC fund, iGan Partnersannounced it had raised CAD $100M for its first fund, iGan Fund I; surpassing its initial goal of CAD $50M. The fund is focused on the health technology sector which includes digital health, medical devices, healthcare IT and AI. The fund will also provide diversified exposure to early-stage health technologies.

iGan was established in 2013 and is one of the largest healthcare VCs in the country.

To chat more about the latest fund closing, the CVCA spoke with Sam Ifergan, Founder and Managing Partner at iGan.

(Read More…)

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CEOs in Health Care Discuss Challenges of Artificial Intelligence

By Joseph Walker, Peter Loftus and Brianna Abbott

Technology is reshaping health care, from pharmaceutical research to detecting opioid addiction, but the magnitude and pace of change isn’t always as dramatic as some had hoped a few years ago, industry leaders said at The Wall Street Journal Health Forum on Tuesday.

Novartis AG Chief Executive Vas Narasimhan said that for now, the opportunities presented by artificial intelligence are on the margin. “It’s another tool in the toolbox,” he said.

Doctors, insurers and drugmakers are experimenting with digital technology at a brisk pace after years of watching from the sidelines as ubiquitous internet access and smartphones disrupted nearly every other sector of the economy. They hope automation and data-driven predictions can create new efficiencies in an industry that contributes nearly 18% of U.S. gross domestic product.

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