Ballast Point Ventures Leads Growth Equity Investment in Intelligent Retinal Imaging Systems
Ballast Point Ventures is pleased to announce a growth equity investment in Intelligent Retinal Imaging Systems (IRIS). BPV led the Series B investment with participation from Providence Ventures and CoxHealth. IRIS, based in Pensacola, FL, is the industry leader in early detection systems for diabetic eye disease. The capital will be used to support the Company’s expansion and growth strategy and to fund IRIS’s development of the next generation of products that detect eye disease and improve the monitoring and care of diabetic patients. IRIS is the fourth Florida company that BPV has partnered with in its most recent fund, Ballast Point Ventures III.
Intelligent Retinal Imaging Systems provides diabetic retinopathy screening services to at-risk populations. IRIS has developed a state-of-the-art, FDA-cleared, remote imaging platform to improve annual retinal exam rates for patients with diabetes. Eye images are captured by non-clinician staff at the primary care provider and sent to IRIS' cloud-based software system for remote interpretation by an eye care professional. This platform conveniently and cost-effectively diagnoses diabetic retinopathy, the leading cause of preventable, permanent blindness in the U.S. Using the latest technology to detect diabetic retinopathy at its early stages, IRIS facilitates patient referrals for treatment that can save their vision.
“IRIS was founded with the idea that through innovative and forward-thinking preventative care systems, we could save the sight of millions of patients,” said IRIS Founder and Chief Medical Officer, Dr. Sunil Gupta.
“We are excited to partner with Ballast Point Ventures and two leading health systems as we build a world class Healthcare Technology company here in Florida”, said IRIS CEO, Jason Crawford. “BPV’s experience and network in the health care space, combined with their relationship approach to investing, make them an ideal lead partner for IRIS. This financing will help us continue to improve the infrastructure, technology and services we deliver to our customers.”
“With the capital from this financing, IRIS will be able to build on its leading position in the market while continuing to innovate and serve its forward-thinking health system clients,” said Matt Rice, Partner at Ballast Point Ventures, who will join the IRIS board of directors. “We are excited to partner with Dr. Sunil Gupta, Jason Crawford, and the entire IRIS team to help them rapidly scale their business and execute on the Company’s mission of ending preventable blindness.”
About Intelligent Retinal Imaging Systems
Intelligent Retinal Imaging Systems is the industry leader in early detection systems for diabetic eye disease. The Company’s IRIS solution is an end-to-end FDA-cleared, telemedicine system that has improved quality, expanded access and reduced costs for diabetic retinopathy exams across the U.S. IRIS was founded in 2011 by nationally recognized retina surgeon Dr. Sunil Gupta, with a vision to end preventable blindness through the development and deployment of retinal diagnostic services in the primary care setting. The IRIS team of physicians, technicians and best practice client success experts partner with forward-thinking providers and payers to enhance patient outcomes by closing care gaps in healthcare systems. IRIS is the recipient of the 2017 Microsoft Innovation Award and the 2016 Frost & Sullivan New Product Innovation Award in Diabetic Retinopathy. For additional information, visit www.retinalscreenings.com
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including healthcare, software, technology-enabled business services, and consumer. BPV has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $5 million to $10 million. www.ballastpointventures.com
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