The funds will be used to accelerate the product rollout of Tilak’s OdySight remote monitoring system for ophthalmic conditions, both in the company’s native France and internationally. The money will also support the development of new solutions for other medical conditions.
In addition to Elaia and Cap Horn, other investors included iBionext, SWEN Capital Partners, Théa, Adelie, and Yann Fleureau. The new funding round brings Tilak Healthcare’s total funding to €22 million since it was founded in 2016.
“Tilak has made impressive progress since we first invested, and is on track to meet the growing need for monitoring vision impairments as a result of new lifestyles and ageing populations,” said Samantha Jérusalmy, Partner at Elaia.
Since the launch of OdySight, Tilak reports that it has been used to improve the care of 12,000 patients suffering from retinal diseases. This includes age-related macular degeneration and diabetic retinopathy. The company ultimately hopes to achieve profitability in 2025.
Gaston Vasseur, Investment Manager at Cap Horn, added: “We have strongly believed in digital therapies, which represent a real solution to the challenges faced by our healthcare systems. We are delighted to provide financial support to this pioneering player in remote monitoring, whose business model has proven momentum, with a 500 per cent increase in recurring revenue between 2022 and 2023.”
Insurtech Qover also announced a successful Series C funding round worth $30 million earlier this year.