Gainesville and Boca Raton, FL –February 12, 2015 - The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with EyeLife, a Boca Raton-based company that is developing portable wireless ultrasound equipment based on technology licensed from Florida Atlantic University. The Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
The medical industry has transitioned over the last 10-15 years from large stationary ultrasound equipment, to laptop-size devices and lastly to hand-held portable devices. Compared to other technologies, ultrasound devices have lacked advancement in many areas, in large part due to the high cost of imaging tools and technology complexity. EyeLife is developing affordable ultrasound probes that will allow images to be transferred wirelessly and securely, and displayed on multiple touchscreen applications, making the technology also accessible to new, previously underserved markets.
“The global portable ultrasound market is seeing double digit growth figures as more medical personnel learn the benefits of ultrasound,” said EyeLife Chief Executive Officer, Rune Nystad. “We will offer affordable ultrasound devices with a user-friendly interface to all medical physicians regardless of location, ultimately improving diagnostic imaging and quality of patient care for all. We are past the time of practicing “blind medicine”. EyeLife will contribute to ensure that every medical office, hospital, ambulance and other medical units are equipped with ultrasound equipment in the future to save lives and improve patient care”
“EyeLife is developing innovative disruptive products that have the potential to dramatically improve the field of ultrasound,” said Jamie Grooms, Institute Chief Executive Officer. “The Institute is pleased to support the EyeLife team as it advances the commercialization of this promising new technology, and looks forward to the company’s continued success.”
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys company building and funding programs to promising Florida startups. Thirty-six companies have been funded since the program’s inception.
EyeLife is a company based in northern Norway and Boca Raton, FL with ties to northern Norwegian hospitals and research institutes as well as Florida-based commercialization partners. A group consisting of engineers and sales marketing individuals founded the company in 2011 with the goal of initiating widespread use of ultrasound technology for medical diagnostics. The driving force was to take advantage of the competence in Norway to develop a hand held, low-cost ultrasound probe, and in 2013 a collaboration with FAU was established, bringing knowhow and patented technology into the company. The combination of EyeLife’s experienced team and FAU’s early development effort has positioned EyeLife to develop affordable equipment and launch successfully into multiple global markets