The Swedish edtech startup Optolexia uses artificial intelligence to detect dyslexia in school children. The company has now raised €5.2 million to launch its service in the US market. The investment was led by Gabriel Urwitz, CEO of the Swedish private equity group Segulah, with participation from the Pomona Group.
Optolexia has developed a tool that can find signs of dyslexia in children at an early stage by reading eye movements. The method is based on research showing that dyslexia causes abnormal eye movements during reading. The tool consists of a tiny camera, which records students' eye movements, which are then analyzed using AI based on eye movement patterns in children with and without dyslexia.
"We see great potential in Optolexia. This is a Swedish company that combines science and technology in a unique way to create social benefit and, most importantly, improves the prospects for all young people who are struggling with reading and writing." commented Urwitz, as reported by Di Digital.
The money will primarily be used to finance Optolexia's planned international expansion into the US and the UK.
"The US is a large market with a growing awareness of the problem of dyslexia. Many players seem to have realized that they can both help students and save money by setting up early intervention to prevent reading and writing problems, and we have noticed that many are interested in our service," said Optolexia's CEO Fredrik Wetterhall.
He stresses the importance of local partnerships to launch the service in a new market, both with researchers and stakeholders in school communities.
Today Optolexia is conducting pilot projects in four US states to make sure the technology works as intended with English-speaking students.
"It looks positive and we aim to launch in the United States before the summer," added Wetterhall.
Read more: Di Digital (Swedish)