Cylite

Cylite, based in Australia, specializes in advanced optical coherence tomography technology, enhancing imaging capabilities within ophthalmology to support improved diagnosis and monitoring of ocular conditions. Cylite is an innovative company focused on optical imaging solutions for ophthalmology, established in 2013 in Melbourne, Australia. The founders, Grant Frisken, Simon Ao, Steve Frisken, and Trevor Anderson, have collectively brought their expertise to create cutting-edge imaging technology. The company has raised AUD 10.

641 mn in total, with the latest funding round being a Series B led by Main Sequence Ventures. Cylite has completed five funding deals, with the most recent deal taking place on January 1, 2025. The current company valuation stands at AUD 52. 797 mn.

Cylite's core product offering revolves around its innovative HP-OCT™ technology, which is designed to enhance imaging capabilities in the field of ophthalmology. This technology enables high-resolution imaging of the eye’s microstructures, allowing for improved diagnosis and monitoring of ocular conditions. The primary end users of Cylite’s products include healthcare professionals such as ophthalmologists and optometrists, who utilize this advanced imaging system to provide better patient care. Additionally, Cylite’s solutions are targeted at research institutions and academic centers that focus on eye health and vision science.

Geographically, Cylite markets its products not only in Australia but also in key international markets, including North America and Europe, where there is a growing demand for precision imaging in eye care. Cylite operates a revenue model that primarily includes direct sales of its HP-OCT™ imaging systems to healthcare providers and research institutions. The company engages in B2B transactions, establishing partnerships with hospitals and clinics, which integrate Cylite's technology into their ophthalmic services. Revenue is generated through these system sales, along with ongoing support and maintenance services offered to clients.

It is understood that the transactions involve capital investments for the acquisition of the imaging systems, complemented by service agreements for ongoing technical support. This model positions Cylite to maintain long-term relationships with its clients, ensuring consistent revenue streams through both initial sales and subsequent service agreements. In January 2025, Alcon Labs, Inc. acquired Cylite from its investors for an undisclosed amount, aiming to leverage its hyperparallel optical coherence tomography technology for whole-eye imaging and measurement diagnostics.

Cylite plans to expand its product offerings and enhance its technology to meet increasing demands in the ophthalmology sector. The company is targeting further penetration into international markets, particularly in North America and Europe, to broaden its reach and customer base. The latest funding will facilitate development and support for these initiatives, allowing Cylite to innovate and improve its imaging solutions.