Medtech company Occuity has started a funding round to develop its handheld, non-contact device to measure axial length of the eye for myopia management.

Occuity used its experience engineering the PM1 Pachymeter and GM1 Glucose meter to create the AX1 Axiometer prototype. The company said the prototype was successfully performed against existing larger, much more expensive desktop meters.

It intends to be partnered with one or more global myopia management suppliers by the end of 2022.

Dan Daly, CEO and co-founder at Occuity, said: ‘Occuity continues to project sustained revenue growth and believes that the combination of the PM1 coming to market, coupled with a potentially huge commercial pipeline for the AX1, means that the company anticipates a significant valuation increase once these events are realised.’