Light AI has completed a $5M private placement, the company announced this week.
The Vancouver-based digital healthcare technology company focused on developing health diagnostic solutions powered by artificial intelligence technology says the financing from MV Capital will support ISO 13485/QMS audit completion and Health Canada registration submission.
Light AI’s offerings include QuickScan, a technology platform which applies AI algorithms to compatible smart device images to identify a disease in seconds.
The patented, app-based solution requires no swabs, lab tests, or proprietary hardware.
In pre-FDA validation studies, differentiating between viral and bacterial pharyngitis, Light AI’s algorithm achieved a 97% accuracy rate and attained a Negative Predictive Value of 100%, indicating reliability in confirming the absence of infection.
Light AI is a member of the BC Tech Association.
BC Tech is the largest member-led technology non-profit in British Columbia, and we’re dedicated to turning startups and scaleups into the anchor companies of tomorrow. Our work supports members to grow and diversify their talent pool, acquire new customers, access capital and accelerate their scaleup journey. Technology is a key industry for BC’s future and builds resiliency in every industry. Today, every company is a tech company. Join now.
Recently, Light AI confirmed initiation of its FDA clinical trial for QuickScan Strep A.
The pivotal clinical trial is intended to generate evidence to support a future submission to the U.S. Food and Drug Administration for potential marketing authorization of QuickScan as a Class II medical device.
The study will enrol participants presenting with symptoms consistent with pharyngitis and is designed to compare the diagnostic performance of QuickScan Strep A against throat culture, an established clinical reference standard.
“Commencing our pivotal clinical trial following ethics committee approval represents an important operational and regulatory milestone for Light AI,” commented John Luna, who took over the role of Chief Executive Officer from company founder Peter Whitehead earlier this year.
“Our objective is to generate the clinical evidence required to evaluate QuickScan Strep A in a rigorous, regulated setting, and support a future FDA submission,” he stated.
“We believe scalable software-enabled assessment tools may have the potential to support healthcare workflows, subject to clinical study outcomes, regulatory authorization, reimbursement considerations and commercial adoption,” the CEO remarked.
Light AI was founded in 2015 by Whitehead, a serial entrepreneur who has been involved in AI since the 90’s.
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