CLOSED
GET A PIECE OF RETINA TECHNOLOGIES
An affordable, digital vision testing platform
Show more
$311,817.74 Raised
TEAM
Claudio R Serafini • Chief Executive Officer
Read More
Sumeet Murarka, MBA • Chief Technology Officer
Read More
Randal A Serafini, MS • President & Chief Operating Officer
Read More
Reasons to Invest
- Backed by Leading Investors and Professionals: Raised a total of $333K to date from grants, executives of the company, and investor groups including Harvard Business Alumni Angels, and established strategic partnerships with premier practices, including the Mount Sinai Health System and its ophthalmic branch, the New York Eye and Ear Infirmary.
- Experienced Team in Developing and Launching Digital Technologies for Enterprise and Healthcare Environments: OcuVue has been designed with feedback from 100+ healthcare professionals and potential customers. Our platform is being developed by a team with decades of experience in global go-to-market, large healthcare integration and workflows, and vision care.
- Billion-Dollar Vision Market Ready for Digital Transformation: The global ophthalmology diagnostic tools market is worth $2.7 billion and growing at a CAGR of 5.4%. The U.S. eye examination market is currently worth more than $5 billion. (Source)
OVERVIEW
A different way of looking at vision care
Our goal is to provide global access to low-cost, highly effective tools that are needed to detect vision diseases early. We want to bring primary care and vision specialists closer than they’ve ever been before through a comprehensive testing and referral platform that can easily integrate into any healthcare system. It takes close relationships with a variety of physician classes and hospital systems to bring this kind of platform together, and we believe this vision is unique to RetTech.
THE PROBLEM
Current vision care is glaringly inaccessible
Vision is one of our most cherished senses. Despite this, millions of Americans do not have access to vision care.. One of the main reasons for this is that the technology needed to screen people’s vision is space-consuming and expensive. The cost to properly equip an ophthalmologist or optometrist office can be upwards of $150,000. Moreover, the necessary machines can weigh up to a combined 150 pounds, take up multiple rooms, require a certified technician, and can take over 60 minutes for the full exam. Combined, these problems make it very difficult to start or maintain a vision specialist practice and prohibit primary care from adopting and performing comprehensive vision exams.
Vision screening requires a wide range of tools for a complete exam. Many portable, single-purpose vision testing products exist, but they still require interpretation by a specialist when used by primary care or remotely, and they are not designed to integrate into the workflows of physicians and other vision care specialists. There is currently no end-to-end vision screening platform that is affordable & portable, can assess both functional and anatomical aspects of vision, and can recommend next steps for a patient through machine learning.
THE SOLUTION
Bringing vision care to the modern era
*OcuVue device shown is a prototype. OcuVue is not yet available on the market.
OcuVue is a lightweight, head-mounted digital vision testing platform that uses unique, interchangeable modules to assess different aspects of a patient’s vision. OcuVue is the same size as a commercial virtual reality headset and enables rapid testing of visual function with a VR module and physical retinal health with a unique, retinal camera module. This newfound flexibility allows patients to sit comfortably in the same chair and take a comprehensive, functional VR vision exam and non-dilated, automated retinal images in under 15 minutes. OcuVue can be easily integrated into vision specialist or primary care provider workflows so patients can check their vision more readily. As a result of this integration, specialists will be able to see more patients per day, and new reimbursement opportunities will be available for primary care physicians.
The process for OcuVue use in a primary care setting is simple. First, a physician creates an order for specific OcuVue tests for each patient, such as VR exams, a retinal image, or both. Then, a medical assistant or technician administers a vision test prior to the physician seeing the patient. RetTech cloud-based machine learning algorithms automatically analyze the data for major abnormalities and provide immediate feedback and a referral recommendation for further specialist review and diagnosis.
*OcuVue device shown is a prototype. OcuVue is not yet available on the market.
We will generate revenues from a combination of hardware acquisition costs for the vision screening platform and fees associated with implementation and per-patient use in clinical practices. By keeping acquisition costs low for the OcuVue hardware, we create the opportunity for virtually any type of physician or healthcare provider to use our technology, regardless of budget. This blended revenue model allows us to tailor payment plans, be they full acquisition, subscription, lease, or pay-per-use, to meet the healthcare provider’s specific needs.
OUR TRACTION
Premier hospitals are taking notice
Our team has developed a suite of VR vision screening tests that are currently in clinical trials at the New York Eye & Ear Infirmary of Mount Sinai in NYC. We have established several institutional review board approvals from Mount Sinai for current and future clinical trials that involve VR test validation, retinal camera prototype testing, and key clinical dataset acquisitions for machine learning training and performance benchmarking. As part of our relationship with Mount Sinai, we will also be working with primary care and ophthalmic physicians to optimize RetTech’s workflow integration capabilities into major hospital systems.
*OcuVue device shown is a prototype. OcuVue is not yet available on the market.
We filed a global non-provisional patent for the core technologies underlying the OcuVue modular system in collaboration with Mount Sinai this year. Last May, we delivered our first functional prototype with VR vision testing capabilities. Working with a leading, global optical engineering firm, we designed a miniaturized retinal camera and are ready to begin physical prototyping. Moreover, we also developed machine learning (ML) algorithms for the detection of retinal signs of diabetic retinopathy. Lastly, the platform is designed to leverage new technologies in the future. We have plans to build new modules and expand our ML portfolio to address a variety of other ophthalmic diseases, such as glaucoma and macular degeneration.
From a business perspective, we have raised $333K to date in grants and investments from leading investors, executives and professionals. We recruited a full-time CEO and CTO in 2020 to ramp up fundraising efforts, secure strategic partnerships, and ensure our technology and product development can be seamlessly integrated into all healthcare environments. We also joined the Newchip family this year as part of their Seed Accelerator to boost our business development.
THE MARKET
A one-of-a-kind digital vision screening platform
We are striving to be one of the first to commercialize a product that takes many of the necessary components of vision testing and combines them into a fully integrated, end-to-end solution with a centralized data structure that is low-cost, modular, and portable. Optometrists and ophthalmologists are excited to finally have a technology that can reduce the space, time, and cost they need to perform basic examinations. Primary care physicians, both in rural and metropolitan areas, can quantitatively and rapidly test their patients’ vision with the OcuVue platform., Our technology is so easy-to-use that an assistant can administer these tests while a patient is waiting or getting other vitals taken.
*OcuVue device shown is a prototype. OcuVue is not yet available on the market.
Current vision screening equipment hardware, either table models or handheld, are point solutions that only assess one aspect of vision and still require specialist interpretations, restricting their use in a primary care setting. On the other hand, artificial intelligence technologies are attempting to replace vision specialists by completely automating the data interpretation process and forcing primary care to buy bulky, expensive ophthalmic technologies. There are clearly plenty of reasons the uptake of vision testing technologies has been slow, and we are here to solve them. Primary care was always intended to be the front line in identification of health problems, including those of the eye. Vision specialists are necessary to properly diagnose specific aspects of ophthalmic diseases and propose unique treatment plans for their patients. OcuVue is designed to bring these two classes of physicians closer together to the benefit of the patient.
WHY INVEST
Help us change the way the world looks at vision care
Vision screening shouldn’t be a luxury. RetTech aims to revolutionize and modernize vision screening by making it more affordable and accessible for everyone. We have the technology and experience, to transform this industry and provide affordable care to millions. Join us as we bring low-cost, easy-to-use, comprehensive vision screening to the global community, and invest in Retina Technologies.
Retina Technologies 17b Disclosure
(or click)
ABOUT
HEADQUARTERS
50 E 98th St #11C-1
New York, NY 10029
WEBSITE
View Site
TERMS
Retina Technologies
Overview
PRICE PER SHARE
$2.34
DEADLINE
Aug. 30, 2022 at 6:59 AM UTC
VALUATION
$11.96M
FUNDING GOAL
$10K - $1.07M
Breakdown
MIN INVESTMENT
$234
MAX INVESTMENT
$1,069,997.76
MIN NUMBER OF SHARES OFFERED
4,273
MAX NUMBER OF SHARES OFFERED
457,264
OFFERING TYPE
Equity
SHARES OFFERED
Common Stock
Maximum Number of Shares Offered subject to adjustment for bonus shares
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Voting Rights of Securities Sold in this Offering
Voting Proxy. Each Investor shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Investor’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Investor, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Investor pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Investor is an individual, will survive the death, incompetency and disability of the Investor and, so long as the Investor is an entity, will survive the merger or reorganization of the Investor or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
Investment Incentives and Bonuses*
Time-Based
Friends and Family Early Birds
Invest within the first 7 days and receive an additional 15% bonus shares.
Super Early Bird Bonus
Invest within the next 7 days and receive an additional 10% bonus shares.
Early Bird Bonus
Invest within the next 3 days and receive an additional 5% bonus shares.
Amount-Based:
$2,500+
Receive 10% bonus shares
$5,000+
Receive 15% bonus shares
$10,000+
Receive 20% bonus shares
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Retina Technologies will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $2.34 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $234. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investor's eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Irregular Use of Proceeds
ALL UPDATES
08.29.22
HOT OFF THE PRESS!! Top Ophthalmology Journal Approves Publication of Our Virtual Reality (VR) Clinical Trial.
08.29.22
15 Hours Left! This is your last chance to invest and help us change the future of vision care.
08.27.22
Only 2 days left to invest! Don’t wait to become a part of the RetTech family!
08.25.22
4 days left to invest! The AAO 2022 conference is about creating better vision outcomes, and they want to learn more about Retina Technologies and OcuVue™!
08.24.22
5 days left to invest! We believe we can make a difference in the fight against needless vision loss and blindness.
08.23.22
Only 6 days left to invest! Vision Care Professionals see the benefits OcuVue™ digital technology can bring to their patients.
08.22.22
7 days left to invest! See what the CDC says about Vision Heath and Early Detection.
08.19.22
Only 10 Days Left to Invest! OcuVue™ Fast, Easy, Affordable Vision Screening.
08.18.22
11 Days Left to Invest! Let’s Change the Future of Vision Care!
Why I really wish OcuVue™ was already here...
My first experience stepping into the shoes of an eye patient.
Today without OcuVue™:
- 2 months to see an Ophthalmologist
- 3 months more to see a Retina Specialist after seeing the ophthalmologist
- 2.5 hours spent at the Specialist’s office
- 4 rooms needed for different tests and technicians
- 3-4 hours of dilated pupils
- Only 2 minutes looking at my retina!
- 10 minutes total with the Retina Specialist
- Result: No Glaucoma
Our goal with OcuVue™
- 15-20 minutes in PCP office, same chair
- Result: No Glaucoma
We started Retina Technologies when we saw there was an opportunity to simplify vision screening and to truly address a lack of vision testing for underserved populations around the world. Last week I had a chance to see firsthand, both as an eye patient and the COO of this company, why everyone, everywhere, could benefit from a platform like OcuVue™ now – in primary care and in vision specialist environments.
My experience...
Earlier this year, during a routine annual checkup with an optometrist, I was informed that I had an abnormality that was a common indication of glaucoma. The next step would have been a visit to my primary care physician (PCP) in order to get a referral to see an ophthalmologist. I was, however, a bit unsure as to whether my PCP could accurately assess my retinal health to determine if I needed a referral, and I chose to go directly to an ophthalmologist, a decision that hurt my wallet in terms of out-of-pocket payments. The ophthalmologist confirmed what I already knew and that I would need to see a retinal specialist with a three month wait time for appointments. Not a good start; two office visits and three months before I could see a retina specialist!
My specialist appointment was at 1pm on a Thursday afternoon, and the waiting room was about half full. Not too bad... but little did I know that what would ensue was borderline ridiculous - a 2.5 hour visit for a glaucoma screening! First, a technician ran tests for visual function and ocular pressure -which required topical anesthetic- only to get inconsistent readings with two different devices for intraocular pressure. The next test went smoothly (OCT testing to look at the individual layers of the retina), but then I had to wait for 30 minutes because there was a line to use the Humphrey machine needed for my next test to assess the functional health of my visual field. The Humphrey test took 15 minutes, and at that point I was really getting tired. I could only imagine how exhausting it must be for older people who have to go through this process regularly to monitor their glaucoma. I was then sent back to the waiting room for 15 minutes before getting dilation drops. Back to the waiting room for 30 minutes until my pupils were fully dilated. Finally, the specialist took a look at my retina through a dilated pupil - a task that took all but two minutes, but necessitated dilation that lasted four hours.
The waiting room on my way out was now completely packed and close to the end of the day. The backup was most probably due to machines like the Humphrey, which are slow and cause clinic choke points. Everyone looked unhappy, including me, who would now have a hard time functioning for the next 4 hours because of light sensitivity and blurred vision from the pupil dilation, and I needed to go back to work.
This was my first ophthalmology appointment as a patient - and honestly, I would never want to go back unless I absolutely needed to for treatment. A platform like OcuVue™ would have allowed my PCP to quantitatively tell me from the very beginning that nothing was wrong - which was fortunately the result provided by my Retina Specialist. Echoed time and again by our team of ophthalmic advisors, ophthalmologists would prefer to spend their time treating… not screening.
If there is a silver lining from this all too real experience for most patients, is that it left me even more motivated and excited about how we can change all of this with our OcuVue™ Platform. OcuVue™ is designed to perform every functional test that I was put through – in one sitting and without wait times. We also have the opportunity to eliminate the dreaded dilation step when our retinal camera module becomes available. As technology gets more portable over time, we can add the other testing modalities, such as intraocular pressure and OCT, as modules that integrate into the OcuVue™ Platform.
Imagine if a 2.5-hour visit could be done in about 20 minutes in 1 room with OcuVue™!
Our vision is only possible with your investment, and I hope you join us on this exciting journey of developing and implementing OcuVue™. I sincerely believe we are the only viable solution on the market to address every pain point I experienced in my glaucoma scare process.
I hope everyone is doing well and we look forward to updating you with our progress regularly.
Alex Serafini, Co-founder & COO
08.17.22
12 Days Left to Invest!
The clock is ticking, but there is still time left to invest!
REWARDS
Venture Club
Venture Club Members earn 10% bonus shares on top of this and all eligible investments for an entire year. Not a member? Sign up at checkout ($275/year).
$2,500
$2,500+
Receive 10% bonus shares
$5,000
$5,000+
Receive 15% bonus shares
$10,000
$10,000+
Receive 20% bonus shares
JOIN THE DISCUSSION
0/2500
Damian Karas
3 years ago
Hi Randy, Respectfully, it seems you are obfuscating, and are eluding answering my questions directly. Investors deserve to have clarity around the financial status. Please, let's try this again: 1) How much cash does RetTech currently have? [It was $35k in Dec-21; assuming it must be even thinner now based on all the media/advertising done over past 6 months] 2) How much debt does RetTech currently have? How much will it be carrying by year-end? [I get to roughly $445k, based on $205k as of Dec-21 reporting + $20k/month accrued for mgmt salary] 3) When this offering closes, I estimate that RetTech will have somewhere between $250k-$275k cash available. What will this cash be used for, and at what pace will you deploy it? 4) Just to clarify your comment, you and Sumeet will not be collecting on your deferred salaries in December? (regulatory filings suggest December payout) 5) Are you currently planning any additional capital raising / sources of funding? I have some other commercial questions I'd like to get to. But first, thank you for helping us to better understand the financial situation.
Show more
0
0
Damian Karas
3 years ago
Hi Randy, I came back on to do some pencil sharpening and decide on sizing of my investment - I think the business has great potential and I'd especially like to see these young bright med school students succeed! But I must admit, I'm increasingly considered with liquidity. As of the end of 2021, you only had $35k in cash, and there was already $205k of debt owed this coming December; if I'm interpreting correctly, based on the $20k/month that RetTech is paying you and Sumeet's consulting companies, that $205k will be closer to ~$450k by year-end for backpay to vendors and salaried staff. Which means there will still be a sizeable cash deficit, given that this offering is set to bring ~$250k. As such, I think it's fair question to ask at this stage what is the plan for this round's proceeds? Will you be paying the $205k that is owed in December? If so, where do you go from there, with so little additional cash, plus another $240k of unpaid salary that will have accumulated on the balance sheet? Thank you for any liquidity/capital updates you can provide.
Show more
1
0
Brian SMOLENS
3 years ago
You may want to check this article, if you are not aware of it. https://www.washingtonpost.com/health/2022/06/05/child-vision-testing-pandemic/
Show more
1
0
Anne Oshman
3 years ago
Randy, you are being evasive. Please be transparent. Retina Technologies does not own it's IP, Mount sinai does. How much of every dollar do you keep? What are the projected margins on what you have left over after bearing all the costs of FDA approval, sales, operating costs and as you call it developing future IP because now you own none. How can anyone asses the value of what you have if you do not disclose the financial terms of your licensing agreement that allows you to use the Mount Sinai IP which encompasses the OcuVue System? There is a total lack of transparency in your pitch on this issue.
Show more
3
0
Anne Oshman
3 years ago
Hello Randy, I am back with more questions. But that is a good sign as your prior responses proved satisfactory and accurate. You indicate that "a global non-provisional patent for the core technologies underlying the OcuVue modular system" was filed "in collaboration with Mount Sinai this year." Does this mean that the IP for the OcuVue is also owned by Mount Sinai? If yes, does that mean that there is a revenue share in place with Mount Sinai or licensing fees need to be paid to them? Alternatively, if there are new patents that are developed involving the device or AI/ML aspects that they share in that as well?
Show more
1
0
Damian Karas
3 years ago
Hi Retina Tech team, Great idea and interesting opportunity! Was hoping you might be able to answer a few questions: 1) How are you measuring intraocular pressure? 2) How many clinical trials are planned? How long do you anticipate it will take until FDA approval? 3) What is the pricing point for the platform? Many thanks for your help.
Show more
1
0
Anne Oshman
3 years ago
I feel you did not directly answer Jerry I.'s question regarding the near identical product of AEYE Health. I am attempting to make a decision to make a material investment in them or in RT. Their focus is identical to yours, performs multi-purpose functions with the current ability to test for 12 eye indications on one headset. While their PMV is much higher than that of RT, they are also in adavanced stage III clinical trials awaiting FDA approval very shortly. So specifically, why is your product superior to that of AEYE Health?
Show more
5
0
venkata alapati
3 years ago
Based on page 24 in your offering details : with a minimum raise(around 10k raise) if you are able to run the company for 3 months with a present burn rate of 10k. with the maximum raise (around 1 million) you are able to run the company only for a year. So in case of maximum raise the expenses are increasing by 8 fold. How do we justify this?
Show more
1
0
venkata alapati
3 years ago
Have not got the response for this question in prior questions. On November 11th 2021 the company valuation was set at 3 million what changed in 2 months that it has to be valued at 12 million. Is there anything that has been achieved in the last 2 months that would warrant this.
Show more
1
0
HOW INVESTING WORKS
Cancel anytime before 48 hours before a rolling close or the offering end date.
WHY STARTENGINE?
REWARDS
We want you to succeed and get the most out of your money by offering rewards and memberships!
SECURE
Your info is your info. We take pride in keeping it that way!
DIVERSE INVESTMENTS
Invest in over 200 start-ups and collectibles!
FAQS
With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.
With Regulation Crowdfunding, non-accredited investors with an annual income or net worth less than $124,000 are limited to invest a maximum of 5% of the greater of those two amounts. For those with an annual income and net worth greater than $124,000, they are limited to investing 10% of the greater of the two amounts.
At the close of an offering, all investors whose funds have “cleared” by this time will be included in the disbursement. At this time, each investor will receive an email from StartEngine with their Countersigned Subscription Agreement, which will serve as their proof of purchase moving forward.
Please keep in mind that a company can conduct a series of “closes” or withdrawals of funds throughout the duration of the campaign. If you are included in that withdrawal period, you will be emailed your countersigned subscription agreement and proof of purchase immediately following that withdrawal.
StartEngine assists companies in raising capital, and once the offering is closed, we are no longer involved with whether the company chooses to list shares on a secondary market or what occurs thereafter. Therefore, StartEngine has no control or insight into your investment after the close of the live offering. In addition, we are not permitted to provide financial advice. You may want to contact a financial professional to discuss possible investment outcomes.
For Regulation Crowdfunding, investors are able to cancel their investment at any point throughout the campaign up until 48 hours before the closing of the offering. Note: If the company does a rolling close, they will post an update to their current investors, giving them the opportunity to cancel during this timeframe. If you do not cancel within this 5-day timeframe, your funds will be invested in the company, and you will no longer be able to cancel the investment. If your funds show as ‘Invested’ on your account dashboard, your investment can no longer be canceled.
For Regulation A+, StartEngine allows for a four-hour cancellation period. Once the four-hour window has passed, it is up to each company to set their own cancellation policy. You may find the company’s cancellation policy in the company’s offering circular.
Once your investment is canceled, there is a 10-day clearing period (from the date your investment was submitted). After your funds have cleared the bank, you will receive your refund within 10 business days.
Refunds that are made through ACH payments can take up to 10 business days to clear. Unfortunately, we are at the mercy of the bank, but we will do everything we can to get you your refund as soon as possible. However, every investment needs to go through the clearing process in order to be sent back to the account associated with the investment.
Both Title III (Regulation Crowdfunding) and Title IV (Reg A+) help entrepreneurs crowdfund capital investments from unaccredited and accredited investors. The differences between these regulations are related to the investor limitations, the differing amounts of money companies are permitted to raise, and differing disclosure and filing requirements. To learn more about Regulation Crowdfunding, click here, and for Regulation A+, click here.
Adam Forster
3 years ago
Can you please provide an update regarding the status of the Ocuvue prototype since the campaign began? How advanced is the device? Are there more iterations to go? How easy is it to manufacture the device? What functional testing is the device currently capable of? What additional functions are you working on? What milestones and timeliness lay ahead before making the device commercially available. I have already invested here, but would appreciate an update and could consider putting in more $. Thank you.
Show more
2
0