A pioneering healthtech company in Bristol, Siloton, has recently secured £860,000 in funding to advance its groundbreaking medical device.
The company’s cutting-edge technology aims to save the NHS over £1 billion annually and significantly reduce preventable blindness, marking a transformative period in eye care.
Funding Successfully Secured
Bristol-based healthtech firm Siloton has successfully secured £860,000 in its latest funding round. This substantial capital, comprising investments from Evenlode Impact Investments, South East Angels, and the Francis Crick Institute, is poised to propel the company’s ambitious commercial rollout of its innovative device.
The funding also benefits from an Innovate UK Biomedical Catalyst grant. In total, Siloton has amassed £1.7 million in funding to date, marking an important milestone on its journey to bringing its novel technologies to market.
Revolutionary Eye Imaging Technology
Siloton has developed a pioneering eye imaging chip technology that bundles costly and fragile components into a single chip smaller than a £1 coin. This breakthrough is expected to make diagnosing and monitoring retinal diseases significantly more cost-effective.
The company claims that its technology could save the National Health Service over £1 billion annually and enable patients to monitor their condition from home. The drive to innovate keeps Siloton at the forefront of delivering crucial healthcare advancements.
According to Siloton, the device aims to address the UK’s most common causes of sight loss. By making eye care more accessible, it represents a significant potential transformation in treatment methods.
Strategic Vision and Market Entry
Siloton is gearing up to introduce its optical coherence tomography (OCT) chip technology to the market by 2025.
The first chip-based OCT image of a living eye in a commercial setting is expected to be captured by the company. This development underscores Siloton’s commitment to enhancing clinical capabilities and patient care. It aligns with its strategy to shift focus from research and development towards full-scale product development.
Dr Alasdair Price, Chief Executive of Siloton, emphasised the remarkable progress by stating, “We are on the cusp of a significant milestone with our technology and look forward to sharing this in the not-too-distant future.”
The Growing Need for Advanced Eye Care
Retinal diseases are affecting a growing number of people. Siloton’s affordable OCT system, namely the Akepa technology, is positioned as a vital tool for addressing this issue.
New and accessible imaging systems such as these are crucial in providing timely and precise diagnostics. With the global trends indicating increased demand for specialised healthcare, Siloton is set to meet these challenges head-on.
Dr Price added, “This new support will help us take the next step towards commercialisation by shifting gear from R&D to product development.” Such developments are critical in reducing preventable blindness.
Industry Support and Collaboration
Support from distinguished investors highlights the industry’s recognition of Siloton’s potential. Institutions investing in the company provide both financial backing and credibility, boosting confidence in its strategic direction.
The collaborations with major industry entities and research bodies further bolster Siloton’s capabilities. Such partnerships are central to driving innovation and ensuring the successful implementation of pioneering healthcare solutions.
With each collaborative effort, Siloton is poised to significantly alter the landscape of eye care technology, underscoring its industry-leading standing.
Anticipated Impact on Healthcare Systems
The anticipated impact of Siloton’s device on the healthcare system could be immense. The potential financial savings and improved patient outcomes suggest a significant shift in operational efficiencies within eye care services.
Reducing the burden on eye clinics and allowing patients to self-monitor could transform patient engagement and resource allocation. This shift could benefit both health practitioners and patients alike.
The connection between technology and healthcare solutions lies at the heart of Siloton’s long-term vision, aiming to deliver cost-effective, scalable healthcare innovations.
A Glimpse Into the Future
As Siloton prepares for its market release, the excitement within the healthtech industry is palpable. The company’s continuous efforts reflect its commitment to transforming eye care and underscore its role as a catalyst for change.
Siloton’s innovative approach and strategic initiatives signify a promising future for healthcare.
As the company approaches its market launch, the potential to revolutionise eye care technology continues to grow.
