By: Michael Narodizky
CEO
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SlitLED

SlitLED develops a medical device for Teleophthalmology. It enables patients to receive a live examination, anywhere and anytime. It provides access to ophthalmology to hundreds of millions worldwide, in a growing market of tens of billions of dollars.

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Minimum investment: $8,000
Type:Convertible  
Stage:Seed
Category:Medical Devices
  • Campaign Highlights
  • Pitch
  • Team
  • Financial data
  • The Deal
  • Documents
  • Disclosures
  • Investors 10
  • Updates

Campaign Highlights

Technological breakthrough for a global problem

The number of eye examinations required for the global population is growing rapidly, while the number of ophthalmologists isn’t sufficient. An uneven geographical distribution of ophthalmologists only worsens the problem and leaves millions of people worldwide with limited to no access at all to professional ophthalmic care. 

As a result, even in a developed country, such as the U.S., tens of millions of people suffer from low accessibility to ophthalmologists. This lack of accessibility leaves common, yet treatable ophthalmic diseases under-diagnosed and untreated, leading to visual impairment with associated costs of tens of billions of dollars to American economy annually.

SlitLed’s product is a technological breakthrough, enabling ophthalmologists to perform a live, comprehensive clinical diagnosis, for the first time, using ophthalmic Telemedicine technology.

Explanatory video - SlitLED

A significant and constantly growing market

SlitLED operates within the Telemedicine field, which is already estimated to be worth tens of billions of dollars, and is expected to grow drastically in the near future.

 

Moreover, Teleophthalmology is one of the fastest growing domains in the field of MedTech, due to aging population in developed countries and the growth in diabetes and vascular diseases in the population, leading to irreversible eye damage, thus requiring constant monitoring.

This field is highly regarded by international firms and Venture Capital funds. For example, the Israeli startup 6Over6, which operates in this field, was recently purchased for over $100M.

 

 

Unique technology and a pair of registered patents owned by SlitLED

SlitLED developing a unique technological product, enabling doctors to perform an eye examination on a patient from a distance, as he would to a patient standing before him. SlitLED is the first company to overcome a variety of technological challenges that prevented such capabilities so far.  

The company’s technology is patent approved in the U.S., granting SlitLED exclusive ownership over such unique technological solution. The company has already developed a system able to demonstrate the required technological concept for distant inspection.

Increased assistance grant from The Israel Innovation Authority

The company was approved for the Early Stage Companies Incentive Program by the Israel Innovation Authority, along with an increased assistance. Given a complementary funding, this significant amount will be non-dilutive (equity-free). The company was authorized after undergoing a thorough and comprehensive verification process, conducted by the Authority’s officials, providing a positive signal to investors.

A team of medical and technological experts

The company is consisted of experts both in ophthalmology and in hardware and software engineering, with the required knowledge and experience for development of such system. The team backed by world-class consultants, assisting the company with scientific and clinical issues as well as in connections and in targeting the relevant markets.

The company is an alumnus of two acceleration programs: MedTech Ra’anana – An accelerator specifically aimed to the development of medical devices and BizTec - the Technion’s technological entrepreneurship program.

 

 

Pitch

The idea

Access to medicine is one of the most  substantial issues in medical field, including in ophthalmology. In many areas worldwide, including developed countries, the accessibility to ophthalmologists is extremely low, as many of them operate mostly in large urban centers. For example, according to official data, in the U.S. alone, approximately 75M people suffer from limited access to medical services. This lack of accessibility leads to late diagnosis of eye diseases as well as blindness, all that can be prevented if diagnosed on time. Moreover, this lack of accessible ophthalmology services makes the required medical monitoring following a treatment such as surgery or medicinal treatments way more difficult.

Such diagnosis is done with the Slit Lamp, the main examination tool used by ophthalmologists. This tool is used to examine all parts of the eye, using a slit of light and microscopic inspection. This tool was invented more than 100 years ago, and every diagnosis made with it requires a physical appointment made by the patients with ophthalmologists.

 

The solution

SlitLED is developing  a unique system that enables ophthalmologists, for the first time, to perform a full examination of all eye parts on a distant patient, all live and in full control by the physician, as if the patient was at his clinic.

 

SlitLED’s system is a split of the traditional Slit lamp into two separate units: the physician’s unit and the patient’s unit.

The physician’s unit will be placed in his clinic and will allow the physician full control of the patients’ unit. The patient’s unit will be located at a service point such as a local clinic or an optical store nearby his place of residence. There, a local staff member will assist in all preparations required for the distant examination.

During the examination, the physician can operate and manipulate the patient’s unit, live and in a dynamic manner, while holding a face-to-face video call, thus fully controlling the examination and supplying the patient with a clinical diagnosis, as if they were both at the ophthalmologist’s clinic.

 

 

The company’s technology

Thanks to its unique technology, SlitLED leads ophthalmology to the 21st century, while allowing ophthalmologists to perform the “traditional” eye test on a distant patient, professionally and credibly as they would in their clinic.

Previous attempts and studies aimed to create a remotely controlled Slit lamp failed, and did not manage to create a commercial tool, since when trying to perform such an examination remotely, significant technological limitations  rose and remained unresolved, until SlitLED overcame them.

Let’s illustrate one of these limitations, and the SlitlLED’s solution:

The physician tries to aim the ray of light at a desired spot in the distant patient’s eye, but he is unable to do so since the patient’s eye moves faster than latencies due to communication and motor movement delays in the distant device.

By gently moving the slit of light to the right: The difference between the desired outcome and the common situation as a result of the movement of the examined eye, is demonstrated:

 

SlitLED’s technology is patent approved, enabling to project multiple light slits simultaneously and to photoshoot them all together by freezing the image received. This image is afterwards separated by image processing into multiple images, each containing a single slit of light. These pictures will be presented to the physician according to his instructions, allowing him to dynamically scan all the parts of the patient’s eye, with the ray of light, similar to his “traditional” work with the Slit lamp and at least at the same credibility.

This technology is unique as it allows the physician to perform the eye examination without any latency, despite the great distance between the patient and the ophthalmologist.

The company has developed a system proving that the company’s concept for distant examination  is actually working. It was highly endorsed by leading ophthalmologists, in Israel and in the U.S.

Moreover, an optical design of the patient’s side was already performed, thus applying the patent, as well as other clinical-technological solutions.

 

 

Product’s advantages
  • Distant examinations – As mentioned, SlitLED’s system solves a critical issue in nowadays ophthalmology, health disparities.
  • Speed and credibility – Thanks to the unique technology of the company, the traditional face-to-face appointment can be done despite the distance, while overcoming the latency in a distant examination system. No other product in the market supplies such great advantage in Teleophthalmology.
  • Anyone can use it – Thanks to the technology of SlitLED, the examination is simple and therefore every technician or assistant, after receiving training, can use the device, thus increasing the usability of it. Thus, the ophthalmologist would be able to perform his work with high medical confidence.
  • Clinical improvement – As a result of the high separation ability of the system, it allows to identify diseases more accurately and reliably   than ordinary check-ups, nowadays.
  • Examinations’ documentation – SlitLED’s unique technology offers digital and visual documentation of the tests via the company’s servers, thus allowing to perform advanced and sophisticated monitoring of different tests’ results and compare them.
  • Integration of Artificial Intelligence (AI) and Machine Learning (ML) – Since the information is stored on the cloud, with the related physician’s diagnosis, the system enables the integration of advanced learning abilities and additional improvements in eye tests.

 

Team

Michael Narodizky
Chief Executive Officer
Biography
Michael is responsible for combining the technical and entrepreneurial aspects of SlitLED and guiding the company to its goals. Michael has managerial experience as a firmware and hardware team leader as well as experience in system integration and QA. In addition to working for 5 in a startup, Michael has extensive experience working on technological projects in larger organizations like Elbit Systems, IAI and IAF. Graduated from the Technion Institute with a degree in computer science.

  • Founder
  • Director
Dr. Benjamin Halevy
Chief Medical Officer
Biography
Received his MD from Ben Gurion University. Dr Halevi is an expert ophthalmologist and surgeon and has more than 30 years of experience in all types of laser treatments and cataract surgery, both in public and private service. Dr Halevy cofounded SlitLED upon identifying the difficulties involved in remote examination using the tools currently available. He strives to create the tools to allow a remote ophthalmic examination with the same capabilities and quality that would be achievable if the patient were present in the same room. As SlitLED‘s Chief Medical Officer, Dr Halevi guides SlitLED’s product development to create a product to ideally serve both the ophthalmologist’s and patient’s needs in the best way possible. Dr Halevy also guides the companies’ clinical department with the understanding of both the current medical requirements and possible future developments.

  • Founder
  • Director
Dan Viazovsky
Chief Technology Officer
Biography
Holds a B.Sc. in Mechanical Engineering from the Polytechnic Institute, Kursk, Russia, and an M.Sc. in Electronics and Automation from the Polytechnic Institute Kiev, Ukraine. Dan is a hardware engineer with formidable experience in multiple fields, including board design, electro-mechanics, and microscopy, his experience includes leading and managing hardware and manufacturing teams. Dan has extensive experience in the fields relevant to SlitLED’s development and has acquired a deep understanding of these fields. Dan Combines his hands-on experience in all those fields in order to lead the technological department to develop the product the company is aiming for.

  • Key Employee
Marco Garzozi
VP Business Development
Biography
Marco is responsible for the company’s marketing, business development and representation of the company. Marco holds a degree in life sciences from the Tel Aviv University. In addition to growing up in a family closely related to ophthalmology, Marco has previous experience in marketing and project management in the ophthalmic-pharmaceutical field.

  • Key Employee
Gal Lilos
Software Engineer
Biography
Gal is a C++ programmer at SlitLED. Graduated from the Technion Institute with a degree in computer science. As a robotics enthusiast, Gal is dealing with integration to Hardware devices such as Cameras and Projectors. Gal has previous experience from Intel. He served in the Israeli navy.

  • Key Employee
Prof. Erez Ribak
Scientific Adviser
Biography
Professor Ribak is an expert in astrophysics and adaptive-optics. He is a researcher and lecturer at the Technion. He is credited with more than 200 scientific publications including 25 that are directly related to ophthalmology. In addition to being on SlitLED‘s advisory board, Professor Ribak is the inventor of SlitLED‘s multi-slit patent that provides the technical capabilities for remote ophthalmic examinations.

  • Advisor
Prof. Hanna Johnny Garzozi
Medical Adviser
Biography
Professor Garzozi is the former head of the ophthalmic departments of the medical centers of “Haemek” in Afula and “Bnai Zion” in Haifa. Being a researcher of anterior segment laser, biometry and optic nerve blood flow, he has published more than 90 ophthalmic articles. Professor Garzozi is also a consultant to the WHO for developing countries, senior member of the American Ophthalmic Academy and an active member of ARVO. As a very experienced ophthalmologist and researcher, he guides SlitLED on the main clinical issues of the development of our product.

  • Advisor
Prof. Ehud Assia
Medical Adviser
Biography
Prof. Ehud Assia was the Director of the Department of Ophthalmology at the Meir Medical Center, Kfar-Saba for over 20 years. He serves now as the Director of the Center for Applied Eye Research there. Dr. Assia is a full Professor at the Tel-Aviv University and was the Director of the Department of Ophthalmology of the Sackler School of Medicine. He published over 150 peer-reviewed papers in the leading professional journals and an additional over 50 publications and 25 chapters in books. Dr Assia developed several original patented devices and instruments. He is a member of the Cataract Clinical Committee of the ASCRS. Prof Assia is also the Medical Director of the Ein Tal Eye Center.

  • Advisor
Dr. Barry Shechter
Medical Adviser
Biography
Dr. Schechter is a Director of cornea and cataract service at “Florida Eye Microsurgical Institute”. He is author of 20 peer-reviewed articles in addition to the membership at the editorial board of “Advanced Ocular Care” and reviewer at several leading ophthalmic journals. Dr. Schechter is also a consultant and KOL at several companies including Johnson & Johnson surgical, Bausch and Lomb, Sun Pharmaceuticals and Member of the board for Innovation Pharmaceuticals. As a KOL with deep understanding of the target market, he will guide and assist SlitLED in various market and product-related issues.

  • Advisor

Financial data

The Deal

Documents

Disclosures

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The financing rounds made through the ExitValley platform are in accordance with a model of statutory exemption from publishing a prospectus pursuant to sections 15A(A)(1) and 15A(A)(7) to the Israeli companies law - 1965.
Under our model, the disclosure of detailed information on the company and information about the investment in each round of financing are limited to not more than 35 investors which are not qualified investors and the round of financing in not in the format of an offering arrangement ("רכז הצעה") as defined in the securities law
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