(PRESS RELEASE) BELLEVUE, WA — Innovega Inc., a developer of next-generation display eyewear for augmented reality, virtual reality (AR/VR) and Metaverse applications, finalized a definitive licensing agreement with one of the world’s leading providers of assistive technology for the visually impaired, including the legally blind. This is the first commercial licensing agreement for Innovega’s next-generation display eyewear system.
The Innovega licensing model allows the licensee the opportunity to manufacture and distribute Innovega’s display eyewear. This collaboration follows a previously executed Letter of Intent, along with receipt of a substantial investment in Innovega. The licensee’s name is currently confidential.
“We feel this license is a validation of the potential of our innovative display eyewear system,” said CEO and Co-Founder, Steve Willey. “Through our licensing model, we outsource manufacturing and commercialization to an expert supplier, while allowing the Innovega team to remain focused on innovation. We believe this model will deliver maximum value to our shareholders.”
Innovega’s display system includes patented disposable soft smart contact lenses that are used in conjunction with its display glasses. This system is designed to meet wearers’ parallel demands for lightweight, stylish eyewear and for viewing of digital media that features high-resolution and panoramic field of view. This important combination is unavailable from other AR/VR displays that are either encumbered by heavy, obtrusive headsets or limited by narrow or low-resolution displays.
Innovega has raised more than $5M from its SEC-qualified Regulation A offering of up to $15M. Investors may invest by visiting: here.