Why Patent Assets Helped Secure $80 Million for Tesseract Health

Patent assets provide competitive advantage for a company, even when it is not the first entrant to a market. Retinal imaging and artificial intelligence is not a new concept (See (1) RetinAi,  (2) Diagnos(3) PixelPlex, and (4) DeepMind described below) and yet $80 million dollars went to Tesseract Health in an oversubscribed Series B financing round. Tesseract Health’s patent portfolio surely played a large role in securing the funding.

The Tesseract Health platform, Tesseract iC™, includes a binocular eye imaging device that is operable to diagnose a wide range of diseases without drawing blood. The platform includes a novel chemical sensor and AI to capture and analyze a retinal image. Tesseract Health currently has 4 patent assets in the AI Biotech Patent Forecast® and one is directed towards using captured images of a person’s retina fundus to identify a person, determine the person’s predisposition to certain diseases, and/or diagnose health issues of the person. Notably, Tesseract Health does not have any enforceable rights yet because all of its patent assets are still pending. Here’s a quick look at Tesseract’s competitors:

  1. The RetinAi platform helps with imaging biomarkers (classification, segmentation and fluid analysis) and RetinAi recently announced a collaboration with Novartis to provide artificial intelligence solutions in ophthalmology. It only has patent assets directed to reducing noise in an image with neural networks.
  1. Diagnos’ CARA (“Computer Assisted Retina Analysis”) telemedicine platform delivers eye care and disease diagnosis through standard fundus photography, which involves photographing the rear of an eye, and the use of image processing and AI analysis. US Patent Activity: Zero
  2. AIRA (AI Retina Analyzing and Disease Diagnosis Tool) by PixelPlex is an AI retina disease diagnosis tool that utilizes advanced machine learning algorithms to pinpoint defective symptoms and record data to be used in diagnosis. US Patent Activity: Zero
  1. DeepMind uses neural networks to analyze an OCT scan of eye tissue. Its patent activity includes classifying eye tissue using neural networks but it does not have patent assets addressing a wide range of diseases. 

Expect Tesseract Health to continue to grow its patent portfolio with its recently secured funding. Don’t miss out on AI Biotech patent activity; subscribe to the AI Biotech Patent Forecast®.