Innovega Launches Reservation Campaign for $15 Million Online Public Offering
Innovega Inc., a company engaged in developing stylish, lightweight, wearable display technology with a panoramic field of view for virtual and augmented reality (AR/VR), has launched a reservations campaign for its upcoming Series A round with its partner, SeedInvest, a leading equity crowdfunding platform. By reserving shares, investors can indicate interest in investing and be the first to know when the offering is live.
Innovega’s eMacula® eyewear is a wearable display system that includes patented disposable soft smart contact lenses and a portfolio of smart glasses. This combination system meets wearers’ parallel demands for lightweight, stylish eyewear and access to high-quality media with a high-resolution, panoramic field of view. eMacula provides a synthesis of features that is unavailable in other AR/VR glasses which are typically encumbered by heavy, obtrusive headsets or limited by a narrow or low-resolution display.
The new public offering proceeds will be earmarked to fund several initiatives: the final phase of FDA clinical trials that are now in progress for smart contact lens market clearance, preparation for the launch for the first application of the system for the visually impaired including legally blind, expansion of Innovega’s patent portfolio and development of reference designs for subsequent markets. The FDA process includes a 510(k) clinical trial for the new lens material and a De Novo submission for use of the contact lens to view a near-eye display.
Innovega’s business model enables established contact lens manufacturers to bring the eMacula system’s smart lenses to market and allows multiple manufacturing and distribution partners to commercialize its glasses, configured for many applications or use cases. Its patented portfolio of Enhanced Retina Technologies covers the system of smart contact lenses and glasses, including key sub-systems such as eye tracking, and is protected by 27 filed U.S. patent applications of which 14 are issued.