- Innovega has developed light-weight and stylish augmented reality (AR) glasses with a field of view of 100+ degrees; a panoramic field wider than other commercialized display glasses
- Over $4.2 million from government contracts, $1.3 million from government grants, and $2 million in gross profit since inception
- Strong IP portfolio of enhanced retina technologies with 26 filed and 13 granted U.S. patents
- Existing Investors include Tencent Holdings, one of the largest social media and video game companies in the world
- Final preparation for FDA clinical trials of its enabling contact lenses
- Total Amount Raised: US $612,000
- Total Round Size: US $5,000,000
- Bridge :
- Minimum Investment: US $5,000 per investor
- : Convertible Note
- US $32,000,000 :
- : US $5,000,000
Innovega has created eMacula, a wearable display system that includes a patented disposable soft contact lens (“smart lenses”) and a range of display eyewear (“smart glasses”). This combination system allows us to meet a wearer’s parallel demand for light-weight stylish eyewear and access to high-quality media. The eMacula micro-lens optics make 100 degree+, high-resolution display eyewear possible.
Many companies have attempted to incorporate large conventional optics into even larger headsets or to employ challenging waveguide nanotechnology and electronics to deliver useful display eyewear. Their struggle has derailed forecast growth of AR/VR. Heavy, obtrusive, and hot headsets or eyewear with a narrow display can negatively impact a wearer's viewing experience. Innovega’s proprietary contact lens and eyewear designs help overcome challenges that historically prevented light-weight, stylish, high-performance display eyewear.
Our business model allows established contact lens manufacturers to deliver to the market the eMacula contact lenses. Likewise, our model allows multiple manufacturing and distribution partners to commercialize our display eyewear configured for many applications or use cases. Discussions are underway with partners with many use cases in mind.
Innovega has an opportunity to license its broad patent portfolio and trade-secrets; to control supply of key components; and to commercialize its “know-how” to contact lens manufacturers and display eyewear partners around the world. Our patented portfolio of Enhanced Retina Technologies covers the system of contact lenses and smart glasses and key sub-systems including eye-tracking. These innovations are protected by Innovega’s twenty-six filed patent applications, thirteen granted U.S. patents, and trade secrets relating to lens-processing-based nanotechnology.
CEOs at the world’s largest companies describe Virtual Reality and Augmented Reality as key enablers of a fundamental shift in how we will interact with media and computing. According to IDC, total spending on AR/VR products and services is expected to soar from $11.4B in 2017 to nearly $215B 2021, achieving a compound annual growth rate (CAGR) of 113.2%.
Today’s VR users must wear a box-like display that separates them from their surroundings and from other humans. Wearers of AR head-sets view either a small window of digital media placed over their environment, or a larger window of media at the cost of wearing a bulky helmet. We believe that neither solution meets the needs or expectations of today’s technology consumer. We believe VR and AR displays must look and feel like conventional eyewear and deliver access to personalized, high-quality panoramic content for these markets to grow at forecasted rates.
Mark Zuckerberg, CEO of Facebook, has a clear vision for his 2 billion customers: “We all want glasses or eventually contact lenses that look and feel normal but let us overlay all kinds of information and digital objects on top of the real world” (2017 Facebook F8 Conference Keynote). His Chief Scientist and industry thought-leader, Michael Abrash, also believes that VR and AR technology will be one of the “great transformational technologies of the next 50 years.” They envision a world in which, instead of carrying smartphones everywhere, we’ll be using stylish AR/VR glasses in every aspect of our lives. This same sentiment has been echoed by management teams at Apple, Microsoft, and others.
Innovega has patented and fabricated eye-borne optics that incorporate a powerful micro-lens and light-polarizing filters. These modern contact lenses are matched to lightweight digital eyewear and as a system deliver unprecedented performance and style. We were contracted to design and deliver the original eMacula lenses and glasses to meet specifications set by the U.S. Defense Advanced Research Projects Agency (DARPA) and to be suitable for wear by warfighters and other service personnel.
Over 60% of persons in the U.S. require vision correction and over 70% in China. Our patented eye-borne optics automatically correct real-world vision while simultaneously delivering digital media that is always in-focus. The field of view of this media is two to three times wider than that of current generation display glasses. This means that wearers can experience 50, 70, or even a 110 degree field of view at ultra-high resolution from smart glasses that are light-weight, stylish and obstruction free.
Innovega competed for and won more than $5.7 million in profitable contracts and grants from government agencies. Its lenses and eyewear were tested for DARPA, National Science Foundation, and the National Eye Institute (National Institutes of Health). We’ve also collaborated with a global provider of designer eyewear. Our largest investor is Tencent, one of the largest video game companies in the world.
We will provide our strategic partners with opportunities to participate in AR/VR markets which analysts forecast will double each year of the coming decade. We are returning to SeedInvest to allow its members to invest in advance of the upcoming commercial phase.
2018 Achievements, by Quarter:
- Q1: Closed more than $1M funding to support supply-chain development; Foundational patent granted in Europe
- Q2: Committed $250,000 to expansion of in-house lens fabrication
- Q3: Closed more than $1M funding to support independent testing by visually impaired patients; Live demonstration of Gen III lenses and glasses to global contact lens and eyewear OEMs
- Q4: Pre-FDA activities including testing of proprietary material
Steve Willey, CEO and Co-founder of Innovega, has been interested in display eyewear since the early 1980’s when he co-founded a video game company. He realized that graphics quality determined player enjoyment. He later co-founded Microvision, leading the development of novel pico-projector technology for mobile devices. This technology would help pave the way for today’s display eyewear.
Steve’s co-founder, Dr. Jerome Legerton previously co-founded SynergEyes, Inc. and holds 55 issued U.S. patents for contact lenses including patented lenses which have since been purchased by global contact lens leaders. Steve has founded or co-founded multiple companies that have achieved exits through acquisitions or IPOs.
Investments above $50,000 earn an opportunity to meet a member of the executive team.
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Frequently Asked Questions
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by Innovega. Once Innovega accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to Innovega in exchange for your securities. At that point, you will be a proud owner in Innovega.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or passport
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Because Innovega is offering its securities under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page.
Currently there is no market or liquidity for these securities. Right now Innovega does not plan to list these securities on a national exchange or another secondary market. At some point Innovega may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Innovega either lists their securities on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.
This is Innovega's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in Innovega’s profile.