November 14, 2024
LAS VEGAS — Avant Technologies and Ainnova Tech, Inc. have announced a new joint venture that is designed to further utilize artificial intelligence for early disease detection in eye care. The partnership and licensing agreement, which led to the formation of Ai-nova Acquisition Corp (AAC), was created to advance and commercialize Ainnova’s technology portfolio, including its “VisionAI” platform and its “Versatile Retinal Cameras.”
Ainnova will contribute to AAC its proprietary technology portfolio, including VisionAI and its retinal camera technology, and the licensing rights for AAC to develop, maintain, and commercialize the technology portfolio in both North America (United States and Canada) and Europe, while Avant will be responsible for the capital requirements to operate AAC.
VisionAI is a cutting-edge, AI-driven platform that can detect diabetic retinopathy and other retinal diseases, as well as diseases unrelated to the retina such as cardiovascular disease and potentially even Alzheimer’s with high accuracy and speed using retinal scans. Meanwhile, Ainnova’s next-generation versatile retinal cameras are seamlessly integrated with VisionAI for precise retinal scans. Along with the VisionAI software, Ainnova’s retinal cameras, offer AAC SaaS + retinal camera commercialization opportunities with opticians and eye care centers in North America and Europe.
Ainnova and Avant’s partnership seeks to make retinal scanning a new standard in primary care and basic health services by diagnosing a host of diseases early through a simple visual test that AAC can offer as a scalable and accessible solution.
Vinicio Vargas, Chief Executive Officer of Ainnova, commenting on the partnership said, “This joint venture aligns perfectly with our long-term goals, and as we work together to push the boundaries of what’s possible in the healthtech sector, we look forward to setting new standards and bringing transformative solutions to patients around the world in an accessible way.”
With over 500 million people living with diabetes globally, VisionAI is designed to detect the early markers of diseases such as diabetic retinopathy, which is the leading cause of blindness among working age adults. Over 30% of those living with diabetes will develop diabetic retinopathy, a disease that can be prevented with an accurate diagnosis.
Unfortunately, there aren’t enough ophthalmologists globally, but 95% of cases of blindness due to diabetic retinopathy can easily be prevented with an early and accurate diagnosis. Using advanced algorithms to analyze retinal images with precision, reliability, and speed, VisionAI can bridge the gap between too few ophthalmologists and tens of thousands of people who need to get tested.
According to Ainnova, the diagnostic error rate in diabetic retinopathy is about 49%, and this is where VisionAI offers a positive impact for patients. VisionAI is a powerful tool to support the physician and give patients accurate information that can improve their lives.
This partnership makes sense for Avant and its shareholders given the AI in health care market is projected to grow from $6.9 billion just three years ago to $67.4 billion by 2027, at a CAGR of 46.2% during the forecast period. Ainnova currently has commercial agreements with pharma companies, clinics, insurance companies, and medical service companies. These relationships should offer AAC guidance into the North American and European markets.
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