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A smart hyperspectral system for early, non-invasive diagnosis of retinal disease

Periodic Reporting for period 1 - XpeFundus (A smart hyperspectral system for early, non-invasive diagnosis of retinal disease)

Reporting period: 2020-01-01 to 2020-04-30

XpectralTEK is a European startup focused on the development of imaging diagnostics that aim to improve the visualisation of the human body, daily or environmental objects. By leveraging our expertise in spectroscopy, imaging and computer vision we develop innovative solutions tailored to unmet market needs.
We developed XPEfundus, a smart hyperspectral fundus camera capable to perform in-vivo retinal spectroscopy which is user-friendly and allowing for an unprecedented in-depth visual mapping of eye tissue alterations without the need for excessive irradiation. Unlike current diagnostic methods, our camera can render images of 3 times improved depth and quality than the current trichromatic fundus photography used by ophthalmologists. Enhanced with AI and VR, our camera becomes a complete diagnostic tool that empowers ophthalmologists towards the rapid and non-invasive detection of retinal diseases, medical education and research.
Its initial indication targets Diabetic Retinopathy the leading cause of blindness affecting the Diabetic population less than 65 years old. After 15 years of treating diabetes, 95% of type 1 diabetic patients and 60% of type 2 diabetic patients suffer from at least a mild and in some cases from severe diabetic retinopathy. In 2015, 415m people suffered from diabetes and this figure will grow up to 640m in 2040. There are 34,2M diabetics in the US, and around 24,000 new cases per year of retinopathy due to diabetes.
The objectives of the feasibility study were to assess in depth the target markets and segments, technology benchmark, financial projections and overall business assessment.
During the Feasibility study, we assessed in detail our business plan. On the technology side, we established a regulatory and development roadmap for our target markets and developed an improved study for a new prototype taking into account user feedback. For the business, we reviewed our market assumptions, updated our sources and improved our knowledge of specific segments. We also established a go-to-market strategy and identified key stakeholders for our target markets.
Internally, we have re-evaluated our IPR strategy and risk management, and the company’s HR needs for the next 2 years according to our new updated business plan.
The Feasibility Study contributed significantly to increase our knowledge and accurate identification of key requirements (business, technical, regulatory, financial, etc.) to grow our business beyond our home markets.
The overall uptake of XpeFundus will bring substantial gains to society, by improving screening quality and early detection of potential lesions, facilitate the results of eye screening exams and encourage a better follow-up of patients.