Photonicare secures $4.6m in Series B financing, partners with Gentex, moves to Michigan

PhotoniCare Inc., a forward-thinking medical device company, is reshaping the field of middle ear infections with a series of transformative announcements. The company has secured $4.6 million in Series B financing, partnered with Gentex Corporation to enhance manufacturing capabilities, and relocated its headquarters to Grand Rapids, Michigan. This round of Series B financing marks the first phase of a projected $9 million investment, positioning PhotoniCare to expand its innovative solutions for middle ear infections.

Founded in 2013, PhotoniCare has consistently sought to address unmet medical needs through its proprietary light-based technologies. At the forefront of its innovations is the OtoSight Middle Ear Scope, an FDA-cleared device that revolutionises how healthcare providers diagnose and manage middle ear infections. By utilising optical coherence tomography (OCT), this device provides a non-invasive, highly accurate method to detect fluid in the middle ear, even in cases where significant earwax complicates traditional examinations.

Redefining middle ear care with innovation

Middle ear infections remain a significant health issue, particularly for children, leading to recurrent antibiotic use, hearing loss, and invasive surgeries. Conventional otoscopes, considered the gold standard for diagnosis, are often unreliable, with misdiagnosis rates as high as 50%. PhotoniCare’s OtoSight Middle Ear Scope addresses these challenges by providing over 90% diagnostic accuracy, enabling healthcare professionals to identify and treat middle ear infections promptly.

The device is not only a technological leap forward but also a practical one. It allows clinicians to print or upload examination results directly into electronic medical records, streamlining workflows and improving patient care. Data published in 2020 underscored its effectiveness, showing a 90.6% accuracy rate in detecting middle ear effusion.

Leveraging strategic investments and partnerships

Gentex Corporation’s involvement as both an investor and manufacturing partner reflects the growing confidence in PhotoniCare’s technology. The partnership is expected to accelerate the production and distribution of the OtoSight Middle Ear Scope, ensuring its availability to more providers across the U.S. Cary Vance, PhotoniCare’s CEO, emphasised the strategic importance of relocating to Michigan, a move that enhances collaboration with Gentex and strengthens ties with the company’s Michigan-based investors.

Gentex’s Vice President, Robert Vance, stated that the company is committed to supporting PhotoniCare’s efforts to make the OtoSight Middle Ear Scope a widely adopted solution for diagnosing and treating middle ear infections.

Proven traction and future outlook

PhotoniCare’s impact is already evident, with the OtoSight Middle Ear Scope serving over 26,000 patients and receiving unique CPT codes that establish it as a new revenue stream for providers. The company has also published peer-reviewed research demonstrating the device’s utility and is conducting a large-scale clinical trial to further solidify its market position and reimbursement strategies.

With over $17 million in private funding to date and substantial backing from entities such as Michigan Capital Network, Sony Innovation Fund, and OSF Healthcare Ventures, PhotoniCare is well-positioned to scale its operations. In addition to private investment, the company has benefited from more than $6 million in Small Business Innovation Research (SBIR) grants from the National Institutes of Health, further reinforcing its credibility in the medical device industry.

PhotoniCare’s focus on middle ear infections is not only reshaping diagnostic practices but also addressing a critical need in paediatrics. As the company continues to innovate and expand, it remains committed to improving patient outcomes and meeting the demands of healthcare providers.