Innovega Introduces Reservation Campaign with SeedInvest
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Innovega Introduces Reservation Campaign with SeedInvest

By CIOReview | Monday, March 22, 2021

eMacula eyewear from Innovega is a wearable display device that includes proprietary soft smart contact lenses and a range of smart glasses.

FREMONT, CA: Innovega, a company that develops trendy, lightweight wearable display technology with a panoramic field of view for Virtual Reality and Augmented Reality (AR/VR), has launched a reservations campaign with SeedInvest, a leading equity crowdfunding site, for its upcoming Series A round. Investors can show their interest in investing and be the first to know when the offering goes live by reserving shares.

eMacula eyewear from Innovega is a wearable display device that includes proprietary soft smart contact lenses and a range of smart glasses. This combination device fulfills wearers' demands for lightweight, trendy eyewear and access to high-quality media with a high-resolution, panoramic field of view. Other AR/VR glasses, which are usually encumbered by bulky, obtrusive headsets or constrained by a small or low-resolution display, lack eMacula's synthesis of features.

The proceeds from the new public offering will be used to fund a number of initiatives, including the final phase of FDA clinical trials for smart contact lens market clearance, preparation for the launch of the system's first application for the visually impaired, including the legally blind, expansion of Innovega's patent portfolio, and creation of reference designs for future margins. A 510(k) clinical trial for the new lens material and a De Novo submission for the use of the contact lens to view a near-eye monitor are part of the FDA process.

Innovega's business model allows existing contact lens manufacturers to commercialize the eMacula system's smart lenses and several manufacturing and distribution partners to commercialize its glasses, which can be customized for a variety of applications use cases. Its Enhanced Retina Technologies patent portfolio includes the framework of smart contact lenses and glasses, as well as key subsystems like eye tracking, and is covered by 27 filed U.S. patent applications, 14 of which have been released.