OpenWater is a San Francisco-based startup founded in 2016, specializing in the development of wearable medical imaging devices. The company's mission is to revolutionize medical diagnostics and treatments by providing high-resolution, cost-effective imaging technologies. OpenWater aims to replace traditional magnetic resonance imaging (MRI) systems with portable devices that utilize novel optoelectronic technologies, enabling non-invasive visualization of the body's inner workings. This innovation holds significant potential for diagnosing and treating various conditions, including cancer, cardiovascular diseases, internal bleeding, and neurodegenerative disorders.
Key Strategic Focus
OpenWater's strategic focus centers on developing wearable imaging devices that offer MRI-level resolution using advanced optoelectronic technologies. By leveraging liquid crystal displays (LCDs) with small pixels to create reconstructive holographic images, the company aims to neutralize light scattering within tissues, facilitating clear and precise imaging. This approach targets the medical diagnostics market, particularly in areas requiring high-resolution imaging for accurate disease detection and treatment planning.
Financials and Funding
Since its inception, OpenWater has secured approximately $94 million in funding through multiple investment rounds. Notable funding milestones include a $22 million Series A round in December 2018 and a $54 million later-stage venture capital round in August 2024. The company has attracted investments from 24 investors, including Elevation Capital (Canada), AIR Capital, Collaborative Fund, Formic Ventures, and Spring Ventures (USA). The capital raised is intended to advance product development, expand research capabilities, and accelerate the commercialization of its imaging technologies.
Pipeline Development
OpenWater is actively developing wearable imaging devices designed to provide high-resolution, non-invasive visualization of internal body structures. These devices are in various stages of development, with ongoing research and development efforts aimed at refining the technology and preparing for clinical trials. The company's pipeline focuses on applications in diagnosing and treating conditions such as cancer, cardiovascular diseases, internal bleeding, and neurodegenerative disorders. Specific timelines for anticipated milestones have not been publicly disclosed.
Technological Platform and Innovation
OpenWater's innovation lies in its proprietary optoelectronic technology, which utilizes LCDs with small pixels to create reconstructive holographic images. This technology enables the neutralization of light scattering within tissues, allowing for high-resolution imaging comparable to traditional MRI systems. The company's approach leverages red and near-infrared light, which can penetrate flesh and bones, facilitating non-invasive scanning. OpenWater holds 62 patents, with 44 granted and 13 pending, covering various aspects of its imaging technology.
Leadership Team
- Mary Jepsen, Ph.D.: Co-Founder, Chief Executive Officer, and Chairman. Dr. Jepsen brings extensive experience in optoelectronics and medical imaging technologies, leading the company's strategic vision and innovation efforts.
- Maurizio Vecchione: President. Vecchione oversees the company's operations and business development, leveraging his background in technology commercialization and healthcare solutions.
- Soren Konecky, Ph.D.: Chief Technology Officer. Dr. Konecky leads the technical development of OpenWater's imaging devices, drawing on his expertise in biomedical engineering and imaging systems.
Competitor Profile
Market Insights and Dynamics: The medical imaging market is experiencing significant growth, driven by advancements in technology and increasing demand for non-invasive diagnostic tools. The global medical imaging market is projected to reach substantial valuations, with wearable imaging devices emerging as a transformative segment.
Competitor Analysis: OpenWater faces competition from several companies in the medical imaging and neurotechnology sectors:
- Neuralink: Founded in 2016 and headquartered in Fremont, California, Neuralink develops brain-computer interfaces (BCIs) aimed at restoring autonomy to individuals with neurological conditions. The company has raised approximately $686.2 million in funding and employs between 250 and 500 individuals.
- Paradromics: Established in 2015 in Austin, Texas, Paradromics focuses on developing high-data-rate BCIs for medical applications. The company has secured around $135.5 million in funding and has a team of 25 to 100 employees.
- NeuroSky: Founded in 2004 and based in San Jose, California, NeuroSky specializes in biosensor technologies and wearable devices for health and wellness monitoring. The company has raised approximately $18.6 million in funding and employs between 25 and 100 individuals.
Strategic Collaborations and Partnerships
OpenWater has engaged in collaborations with various research institutions and healthcare organizations to advance its imaging technologies. These partnerships aim to validate the efficacy of its devices, explore new applications, and facilitate the integration of its technology into clinical settings. Specific details of these collaborations have not been publicly disclosed.
Operational Insights
In the competitive landscape of medical imaging, OpenWater differentiates itself through its focus on wearable, high-resolution imaging devices that offer a non-invasive alternative to traditional MRI systems. The company's proprietary optoelectronic technology positions it uniquely in the market, addressing the need for portable and cost-effective diagnostic tools. By targeting conditions such as cancer and neurodegenerative diseases, OpenWater aims to capture a significant share of the medical diagnostics market.
Strategic Opportunities and Future Directions
OpenWater's strategic roadmap includes advancing its wearable imaging devices through clinical trials, obtaining regulatory approvals, and commercializing its technology. The company is exploring opportunities to expand its applications beyond diagnostics to therapeutic interventions, leveraging its imaging capabilities for targeted treatments. By capitalizing on its technological strengths and addressing unmet needs in medical imaging, OpenWater is well-positioned to achieve its future objectives.
Contact Information
- Website: openwater.health
- Headquarters: San Francisco, CA, United States
