BRISTOL, England (October 2023) – Siloton Limited has been awarded the prestigious Institute of Physics Business Start-Up Award “for the development of a personal optical coherence tomography system, capable of saving the NHS half a billion pounds each year and reducing sight loss caused by age-related macular degeneration”.
The IOP Business Start-Up Award specifically recognises and celebrates young companies with a great business idea founded on a physics invention, with the potential for business growth and significant societal impact.
A mock-up of Siloton’s personal OCT system, illustrating how it will be used in the home.
Dr Alasdair Price, CEO of Siloton, said:
“Building Siloton up to where we are now has required enormous levels of dedication, passion and hard work from the entire team. Seeing everyone’s achievements recognised in this way is hugely rewarding and emphasises the importance of our work.”
Institute of Physics President, Professor Sir Keith Burnett FRS said:
“The IOP Business Awards recognise and reward the achievements of physics-powered businesses at all stages and of all sizes. Whether well-established or a start-up, an SME or corporation, these innovative companies are making significant contributions to the UK and Ireland’s scientific research and development, driving innovation and supporting the economy.
All of this year’s winners have creatively applied physics to bring about positive change to individuals, societies or economies, by tackling a new problem or improving on a previous solution, and all are thoroughly deserving of an IOP Business Award.
Recent events have underlined the absolute necessity to encourage and reward our scientists. We rely on their dedication and innovation for our lifestyles, wellbeing and safety.”
Siloton’s patented photonic chip technology is at the heart of their personal OCT system.
The Institute of Physics (IOP) is the professional body and learned society for physics, and the leading body for practising physicists, in the UK and Ireland. With a rich history of supporting business innovation and growth, it is committed to working with ‘physics-powered’ businesses, and companies that apply and employ physics and physicists.
The IOP’s prestigious Business Awards are unique in the UK and Ireland in recognising the significant contribution that physicists and physics make in industry.
Press Contacts
For specific enquiries about Siloton, please contact pressoffice@siloton.com.
For IOP press enquiries, please contact press@iop.org, or for specific enquiries about the IOP Business Awards, please contact business.awards@iop.org.
About Siloton
Siloton is developing an at-home monitoring service for the 25% of over 60’s with age-related macular degeneration (AMD), the leading cause of sight loss in the developed world. By combining a personal optical coherence tomography (OCT) system with cloud-based digital health tools, this will create a paradigm shift in the way patients are cared for, ensuring they receive treatment when they need it, not just when they happen to be able to access an OCT in the hospital.
The effects will be threefold. Patient wellbeing will improve, as they will retain their sight for longer, pressure on overstretched outpatient clinics will be alleviated, and the NHS will save half a billion pounds per annum, even if at-home monitoring is only made available to patients with late-stage AMD.
Siloton closed its first investment round in March 2022, raising c. £485k to fund the design, fabrication and testing of Akepa, as well as its integration into a binocular form factor. Siloton’s next round will soon be closing. Any interested parties still outstanding are invited to get in touch via investors@siloton.com.
To find out more, visit www.siloton.com or follow updates on Siloton’s LinkedIn page.
About the Institute of Physics (IOP)
The Institute of Physics (IOP) is the professional body and learned society for physics in the UK and Ireland. It seeks to raise public awareness and understanding of physics, inspire people to develop their knowledge, understanding and enjoyment of physics and support the development of a diverse and inclusive physics community. As a charity, it has a mission to ensure that physics delivers on its exceptional potential to benefit society.
About the Institute of Physics (IOP) Business Awards
The Business Awards recognise the significant contribution that physicists and physics make in industry across all sectors and at all stages – from start-ups to multi-national corporations. The awards are a celebration of entrepreneurship, excellence in innovation and the successful use of physics in a product or service.
More information about the IOP Business Awards is available at https://www.iop.org/about/awards/business-awards.