Thirona Retina, a Netherlands-based company specializing in AI-driven retinal image analysis, announced its acquisition by Icare Finland Oy, a subsidiary of Revenio Group Corporation. The acquisition, finalized on August 20, follows an earlier minority investment by Icare in 2023. The agreement allows Icare to acquire the remaining shares, positioning it to enhance its ophthalmic diagnostic solutions. This deal underscores Revenio’s strategy to lead in innovative eye care technologies, integrating Thirona Retina’s advanced AI solutions.
Thirona Retina’s acquisition aligns with the broader trend of integrating advanced AI technologies into healthcare. Revenio’s strategic move mirrors its 2021 acquisition of Oculo, which enhanced its cloud-based retinal screening solutions. The two acquisitions demonstrate Revenio’s commitment to expanding its AI-driven diagnostic tools. Meanwhile, Thirona Retina has consistently pushed innovation in retinal imaging, significantly advancing eye disease detection technologies. These developments highlight the growing role of AI in transforming diagnostic processes.
Enhancing Eye Care Solutions
The acquisition aims to improve patient outcomes by leveraging Thirona Retina’s RetCAD technology, which uses artificial intelligence to analyze color fundus images for signs of Age-related Macular Degeneration (AMD (NASDAQ:AMD)), Diabetic Retinopathy (DR), and Glaucoma. This AI-driven solution will be integrated into Icare’s existing retinal screening products, including the ILLUME platform. The integration will assist eye care professionals with early detection and precise grading of eye disorders, driving advancements in clinical decision-making.
“Our iCare ILLUME screening solution helps detect increasingly common eye diseases and their severity. This acquisition strengthens our ability to further develop our AI-based ophthalmic solutions. We see that AI will increasingly be integrated into a wide range of products. With the addition of Thirona Retina, we are better positioned to develop other AI-based solutions for eye care to support clinical decision-making,” said Jouni Toijala, CEO of Revenio Group.
Thirona Retina will continue to sell its RetCAD AI solutions to other industry vendors and AI providers. The expanded resources from the acquisition will enable the delivery of comprehensive AI-based eye health solutions to meet diverse customer needs. This strategic move broadens Thirona Retina’s reach in the global market, ensuring a wider adoption of its advanced diagnostic tools.
Revenio and Thirona: A Synergistic Partnership
Revenio Group is a leading provider of innovative ophthalmic diagnostic solutions globally. The company’s portfolio includes devices and software for diagnosing glaucoma, diabetic retinopathy, and macular degeneration. Revenio’s strategic acquisitions, such as that of Oculo, have continually enhanced its diagnostic capabilities. The Group’s net sales in 2023 were €96.6 million, reflecting its strong market presence.
“With the acquisition of Oculo in 2021, we gained a state-of-the-art software platform and a skilled team. With the help of Oculo’s cloud-based software platform and the team, we have developed a unique, comprehensive retinal screening solution that includes the fully automated and fast iCare DRSplus fundus Imaging system, iCare ILLUME software platform, and RetCAD AI,” added Toijala.
Thirona, founded in 2014 by scientist Eva van Rikxoort, specializes in AI-assisted medical image analysis for retinal and lung disorders. Thirona’s solutions are deployed in over 600 hospitals worldwide, enhancing the precision of disease diagnosis and treatment. The partnership with Revenio will strengthen Thirona’s capabilities and expand its impact on global eye care.
“This acquisition marks a significant milestone in our journey to revolutionize ophthalmic image analysis through artificial intelligence. By combining our cutting-edge AI medical device, RetCAD, with iCare’s extensive expertise in the ophthalmic domain, we are poised to provide access to better eyecare to large numbers of patients on a global scale. We will continue to cooperate with our existing customers with even stronger resources. We are excited to embark on this new chapter and look forward to the impactful advancements we will achieve together,” said Mark van Grinsven, Managing Director of Thirona Retina.
The acquisition of Thirona Retina by Revenio’s subsidiary signifies a pivotal moment in the realm of ophthalmic diagnostics. As AI continues to permeate the healthcare sector, this partnership will likely yield significant advancements in the early detection and management of eye diseases. For eye care professionals, integrating Thirona’s AI technology with Icare’s diagnostic tools presents a transformative approach to patient care. This collaboration exemplifies the growing trend of merging cutting-edge technology with healthcare to enhance diagnostic accuracy and treatment outcomes.
