accessibilityaccreditedactiveactivityaimalarmalign-bottomalign-center-horizontalalign-center-verticalalign-leftalign-rightalign-topanchorangelannoyedapplearchivearrow-downarrow-leftarrow-rightarrow-uparticleat-signawardbalanceballoonbandaidbarcodebellbicyclebinocularsblindboatbook-closedbookbookmarkbookmarkedbooksbottlebriefcasebrushbugbullhornbuscabinetcakecalendarcameracarcashcertificatechalkchart-barschart-linechart-piechatcheckmarkchevron-downchevron-leftchevron-rightchevron-upcircle-arrow-downcircle-arrow-leftcircle-arrow-rightcircle-arrow-upcircle-backwardcircle-checkmarkcircle-chevron-downcircle-chevron-leftcircle-chevron-rightcircle-chevron-upcircle-crosscircle-ejectcircle-exclamationcircle-facebookcircle-firstcircle-forwardcircle-googlepluscircle-gustcircle-lastcircle-linkedincircle-minuscircle-nextcircle-pausecircle-play-thincircle-playcircle-pluscircle-previouscircle-questioncircle-stopcircle-twittercircleclipboard-checkclipboardclockcloud-databasecloud-downloadcloud-fogcloud-gearcloud-lightningcloud-lockcloud-raincloud-snowcloud-synccloud-uploadcloudcocktail-glasscodecombinecomment-fillcommentcommentscompassconfusedconnectconstruction-coneconstructioncontactscoolcopycredit-cardcropcrosscrowncubedatabasedeletedesigndesktopdiamonddicedinnerdisconnectdocumentdownloaddrawerdreamdropletdumbbellearthediteggellipsisenter-downenter-leftenter-rightenter-upenterenvelopeevilexcludeexit-downexit-leftexit-rightexit-upexitexpandeye-droppereyefacebookfactoryfeatherfile-audiofile-codefile-imagefile-videofile-zipfilefilm-playfindfirefirst-aidflagflip-horizontalflip-verticalfloppy-diskfolderfootprintframefunnelgamepadgasgeargiftglassglassesgoogleplusgraduationgrin-evilgringroupgungusthamburgerhammerhappy-grinhappyheadsetheart-fillhearthistoryhomeiconsinboxintersectipadiphonekeykeyboardkeyholeknifelablamplaptopleafleave-downleave-leftleave-rightleave-uplibrarylifebuoylighterlightning-boltlinklinkedinlistlocationlocklotusmadmagicmagnetmalletmanmapmedalmeet-downmeet-leftmeet-rightmeet-upmic-mutemicminusmoonmousemovemusic-notemusicmustachemutenavigationneutralnewsoptionsoutletpaint-rollerpaintbrushpairpaper-planepaperclippaperspastepatchpawpenpencilphonephotopicturepinpine-treeplaneplayplaylistplug-cordpluspodiumpowerpresentationprinterprofilepulsepuzzlequestionquote-closequote-openradiorank1rank2rank3receptionrecycleredorefreshregisterreply-allreplyroad-signrocketrulersadscissorsscreensearchshareshieldshipshirtshockedshrinkshufflesignalsitemapskullsmartphonesmilespeed-fastspeed-mediumspeed-slowspell-checksquaresubtractsunsyncsyringetabtablettagtagstargetteacupterminalthumbs-downthumbs-uptickettilestimertoilet-papertonguetoolstrailertraintransmissiontrashtreetrophytrucktvtwitterumbrellaundounlinkunlockuploaduserusersvolume-highvolume-lowvolume-mediumvolumewarningwheelchairwifiwinkwomanwonderingwrenchzoom-inzoom-out

Innovega

Stylish, lightweight augmented reality glasses and contact lenses

Innovega is accepting investments for an Offering under Regulation D. The contents of the Highlights, Term Sheet sections have been prepared by SI Securities, LLC (“SI Securities”) and shall be deemed broker-dealer communications subject to FINRA Rule 2210 (the “Excluded Sections”). With the exception of the Excluded Sections noted above, this profile contains offering materials prepared solely by Innovega without the assistance of SI Securities, and not subject to FINRA Rule 2210 (the “Issuer Profile”). The Issuer Profile may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements as they are meant for illustrative purposes and they do not represent guarantees of future results, levels of activity, performance, or achievements, all of which cannot be made. Moreover, no person nor any other person or entity assumes responsibility for the accuracy and completeness of forward-looking statements, and is under no duty to update any such statements to conform them to actual results.


Company Highlights

  • 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

Fundraise Highlights

  • Total Amount Raised: US $1,119,869
  • Total Round Size: US $5,000,000
  • Raise Description:  Bridge
  • Minimum Investment:  US $5,000 per investor
  • Security Type:  Convertible Note
  • Valuation Cap:  US $32,000,000

Innovega is delivering one of the world’s first comfortable, stylish, and high-performance augmented reality eyewear with panoramic-field-of-view.


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.

Pitch Deck

Product & Service

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

Media Mentions

Team Story

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.

Founders and Officers

Dr. Jerome Legerton

Co-Founder, Chief Clinical and Regulatory Officer, Corporate Secretary, Director

Dr. Legerton is an inventor on 55 issued U.S. patents and 72 published applications including those for multifocal, aberration blocking, hybrid, and scleral contact lenses; contact lenses for corneal refractive therapy, refractive error regulation, and wearable displays; and for diagnostic devices, refractive surgery, humanitarian eyewear and protective lighting. Contact lenses from his patents are registered in more than 45 countries.

He has been honored with the American Optometric Association Outstanding Achievement Award; with the American Academy of Optometry, Founder’s Award; and the Orthokeratology Academy of America Achievement Award for his contribution to the field of Contact Lens and Corneal Care.

Dr. Jerome Legerton

Co-Founder, Chief Clinical and Regulatory Officer, Corporate Secretary, Director

Dr. Legerton is an inventor on 55 issued U.S. patents and 72 published applications including those for multifocal, aberration blocking, hybrid, and scleral contact lenses; contact lenses for corneal refractive therapy, refractive error regulation, and wearable displays; and for diagnostic devices, refractive surgery, humanitarian eyewear and protective lighting. Contact lenses from his patents are registered in more than 45 countries.

He has been honored with the American Optometric Association Outstanding Achievement Award; with the American Academy of Optometry, Founder’s Award; and the Orthokeratology Academy of America Achievement Award for his contribution to the field of Contact Lens and Corneal Care.

Stephen Willey

Co-Founder, CEO, President, Director

Steve is passionate about commercializing game-changing, disruptive technologies and products. He holds graduate degrees in engineering, graphics, and business. He began his career as one of the early staff of Mobile Data International (MDI), where he advanced to General Manager. MDI was viewed as a forerunner of modern-day cellular communications and was purchased by Motorola. Steve then co-founded and led a pioneering video game company that published multiple ground-breaking titles. In 1990, he joined CREO, a company later purchased by Kodak. In 1995, he co-founded Microvision Inc. and helped secure a NASDAQ IPO of that company (and a subsequent IPO of its subsidiary, Lumera).

Steve also serves on the board of a pioneering video gaming company listed on Canada's stock exchange. In 2011, he joined Innovega with a vision to change forever how humans access, experience, and enjoy their media. Since then, Innovega has been his driving passion.

Stephen Willey

Co-Founder, CEO, President, Director

Steve is passionate about commercializing game-changing, disruptive technologies and products. He holds graduate degrees in engineering, graphics, and business. He began his career as one of the early staff of Mobile Data International (MDI), where he advanced to General Manager. MDI was viewed as a forerunner of modern-day cellular communications and was purchased by Motorola. Steve then co-founded and led a pioneering video game company that published multiple ground-breaking titles. In 1990, he joined CREO, a company later purchased by Kodak. In 1995, he co-founded Microvision Inc. and helped secure a NASDAQ IPO of that company (and a subsequent IPO of its subsidiary, Lumera).

Steve also serves on the board of a pioneering video gaming company listed on Canada's stock exchange. In 2011, he joined Innovega with a vision to change forever how humans access, experience, and enjoy their media. Since then, Innovega has been his driving passion.


Would you like to connect with the {{ company_name }}'s team?     YesNo



Thank you for requesting to connect with the {{ company_name }} team. You will be notified once the request has been reviewed. To follow up on the status of your request, .

Your request to connect with the {{ company_name }} team was declined. To follow up on your request, .

Key Team Members

Jay Marsh, M.S.M.E.

Vice President Engineering

Mark Freeman, Ph.D

Director of Opto-Electronics and Photonics

Peter Schuster, CPA

Director of Finance and Administration

William Meyers, Ph.D

Vice President Materials and Contact Lens Development

Notable Advisors & Investors

Dan Spira

Advisor, CEO Healthcare Co; Former N.A. VP Bausch + Lomb, VP Johnson & Johnson

Avram Miller

Advisor, Co-founder Intel Capital; Former VP Business Development at Intel Corp.

Joe Sicari

Advisor, Former CEO, Paragon Vision Sciences (purchased by industry leader, CooperVision)

Jayson Chi

Advisor, Managing Partner, HK venture capital fund; Former Partner McKinsey & Company

Mark Bullimore, Ph.D

Advisor, Former FDA Ophthalmic Device Panel member and FDA expert on vision assessment

Richard Lindstrom, MD

Advisor, Founder and attending surgeon, Minnesota Eye Consultants; medical device expert

Jim Schwiegerling, Ph.d

Advisor, Professor, U of Arizona - Ophthalmology and Vision Science; Optics Expert

Joe Barr, OD, MS

Advisor, Emeritus Professor, OSU; Former Global VP, Bausch & Lomb

Ant Gillard

Advisor, Leading U.K. / European Global Strategic Marketing Consultant

Steve Schallhorn, MD

Advisor, Ophthalmology expert in medical devices and Corneal and Cataract Surgery;

Shane Kim

Advisor, Interim CEO, Gamestop Corp; Former Corporate VP Strategy, Microsoft

Jeff Xiong

Advisor, Former CTO Tencent; leadership roles at Microsoft and IBM

Phil Molyneux

Advisor, Regional President Dyson; Former Chairman, President, Sony Electronics, N.A.

Investor Perks

Investors above $12,500 will receive two (2) entry tickets for the annual Consumer Electronics Show (CES) trade event or for the Augmented World Expo (AWE).

Investors above $25,000 will receive the above plus quarterly brainstorm calls with management during the pre-commercial phase.

Investments above $50,000 will receive all of the above plus an opportunity to meet a member of the executive team in-person for dinner (travel not included).

It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.

Frequently Asked Questions

Making an Investment in Innovega
How does investing work?

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.


What is the difference between preferred equity and a convertible note?

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.


What will I need to complete my investment?

To make an investment, you will need the following information readily available:

  1. Personal information such as your current address and phone number
  2. Employment and employer information
  3. Net worth and income information
  4. Social Security Number or passport
  5. 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.


What if I change my mind about investing?

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.


After My Investment
How can I sell my securities in the future?

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.


How do I keep track of this investment?

You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.


Other General Questions
What is this page about?

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.


What are the risks of this investment?

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.