Medical device innovator, PhotoniCare has achieved a major milestone by signing a manufacturing partnership with Gentex Corporation and raising $4.6 million in a Series B funding round. PhotoniCare’s flagship product, OtoSight Middle Ear Scope is the center of this collaboration. It is an advanced diagnostic tool used for middle ear infection.
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The OtoSight Middle Ear Scope uses the latest technologies to diagnose middle ear infections. It features OCT for high-resolution images, enabling the detection and characterization of fluid in the ear with up to 90.6% accuracy. It is the first FDA-cleared device of its kind and has benefited more than 26,000 patients. It created unique revenue opportunities for providers through dedicated CPT codes.
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Gentex expects a capital raise of almost $9 million. It will manufacture OtoSight devices in Zeeland & Michigan, which will support PhotoniCare’s plans to scale operations, expand sales, & complete ongoing clinical trials. This partnership also reflects Gentex’s strategy to get into medical technology alongside its traditional expertise in automotive systems.
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PhotoniCare has planned to relocate its headquarters from Champaign, Illinois to Grand Rapids, Michigan, to work closely with Gentex. This will help them get support from local investors like the Michigan Capital Network, which will help PhotoniCare to get into the state’s growing medical technology ecosystem.
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In 9 years, PhotoniCare has raised over $17 million in private capital and over $6 million in federal grants. Having created strong credibility in the healthcare market, after partnering with Gentex, PhotoniCare is expected to pave the way for new generations of diagnostic devices.
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With a proven track record and promising future, PhotoniCare continues to lead innovation in health diagnostics and set a benchmark in pediatric and general healthcare.