Dutch firm Thirona Retina acquired by Revenio Group: Know more

Last year, Netherlands-based Thirona, a company that provides software and image analysis services for the healthcare industry, announced the launch of a separate division — Thirona Retina.

On Tuesday, August 20, Thirona Retina announced that it has been acquired by Revenio Group Corporation’s subsidiary Icare Finland Oy.

In 2023, Icare made a minority investment of €1.9M in Thirona Retina in 2023.

By the agreement concluded at the time and upon the fulfillment of certain conditions, Icare has acquired the remaining share capital of Thirona Retina for approximately €4.8M from Thirona.

Why this acquisition?

With this acquisition, Thirona Retina aims to enhance patient outcomes and drive innovation in eye care.

The acquisition advances Revenio’s current growth strategy as part of its mission to improve the quality of ophthalmic diagnostics through innovative products and solutions.

Leveraging iCare’s market presence and expertise, Thirona Retina will now introduce its advanced AI-driven RetCAD technology.

RetCAD uses artificial intelligence to analyse colour fundus images for the presence of Age-related Macular Degeneration (AMD), Diabetic Retinopathy (DR), and Glaucoma.

It helps eye care professionals in the early detection and grading of disorders that pose a hazard to eyesight.

The technology will be integrated into iCare’s ILLUME and other retinal screening solutions.

“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,” adds Jouni Toijala, CEO of Revenio Group.

“Thirona Retina will continue to sell RetCAD Artificial Intelligence solutions to other vendors in the industry and other artificial intelligence providers. We want to deliver a comprehensive AI-based eye health solution to meet the needs of all our customers,” adds Toijala.

Revenio: Eye care diagnostic provider

Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD).

Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as clinical software under the iCare brand.

In 2023, the Group’s net sales totaled €96.6M, with an operating profit of €26.3 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.

“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,” Toijala says.

Thirona: Specialising in AI-assisted medical image analysis

Founded in 2014 by scientist Eva van Rikxoort, Thirona BV is an artificial intelligence company that focuses on analysing retinal and lung images to quantify anomalies associated with pulmonary and eye disorders precisely.

Thirona’s mission is to utilise Artificial Intelligence to advance personalised treatment of lung patients worldwide by contributing to enhanced precision, accuracy, and effectiveness of treatment and minimally invasive interventions for pulmonary diseases.

Clinical solutions with Thirona’s AI technology are installed in over 600 hospitals worldwide, helping clinicians with the best possible patient care. Thirona is backed by investment firms Heran Partners and Borski Fund.

Mark van Grinsven, Managing Director of Thirona Retina, adds, “This acquisition marks a significant milestone in our journey to revolutionise 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.”