BELLEVUE, WA — Innovega Inc., a company focused on wearable display technology with a panoramic field of view for virtual and augmented reality, has launched a reservations campaign for a planned $15 million online public offering.
By reserving shares, investors can indicate interest in investing and be first to know when the offering is live. The company is planning the Series A round with its partner, SeedInvest, an equity crowdfunding platform.
Innovega’s eMacula eyewear is a wearable display system that includes patented disposable soft smart contact lenses and a portfolio of smart glasses.
According to the company: “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 public offering proceeds will fund several initiatives:
- The final phase of FDA clinical trials 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.
- Reference designs for subsequent markets.
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.