Sight Tech Global 2020
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Eyedaptic
Augmented Reality Glasses for Vision Loss
Laguna Hills, CA
Health Tech
Eyedaptic glasses use augmented reality technology to improve vision for those who suffer from AMD (age-related macular degeneration) and other central vision impairments.
$665,255
raised
648
Investors
$12M
Valuation
$0.80
Price per Share
$249.60
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
0
Days Left
This offering ended on October 15, 2021 and is no longer accepting investments.
Reasons to Invest
~400 million people worldwide suffer from various retinal diseases and nearly half of them suffer from AMD (Age-Related Macular Degeneration)
The only self-contained Augmented Reality glasses on the market, with over 40 degrees FOV (Field-of-View), to simulate natural vision!
Eyedaptic has 2 patents granted, 3 trademarks and 12 patents pending for their award winning AR visual aid
*All images are of past prototypes or our production product. Final results may differ.
Overview
Enhancing vision to revitalize life
Eyedaptic CEO, Jay Cormier, founded the company after his grandmother started losing her vision due to the incurable condition, AMD (age-related macular degeneration). Upon further research, he discovered that AMD is the leading cause of vision loss for people over 60, and affects more than 15 million Americans and 170 million people worldwide (source).
Furthermore, there are 400 million people suffering from retinal disease worldwide with 114 million people affected by Diabetic Related Retina Disease (DME & DR) and 98 million who have macular puckering/ scarring. Others suffer from retinal diseases like Stargardt’s Disease and Macular Pucker that also lead to a loss of central vision. (source, source, source)
Having had experience with Augmented Reality in the past, Cormier began to consider whether the technology could provide a solution to AMD. Cormier and his partner/CTO, Dave Watola, did not have medical backgrounds and so they sought the help of two ophthalmologists/retina specialists, Dr. Mitul Mehta and Dr. Brian Kim.
It quickly became clear to all of them that there was a significant need for a solution to AMD. So Cormier and Watola teamed up with the two doctors to found Eyedaptic.
*All images are of past prototypes or our production product. Final results may differ.
The Problem
No cure for the leading cause of age-related blindness
AMD is the leading cause of blindness for people over the age of 60. The disorder affects patients’ central vision, the fine, detailed segment of our vision that is used for reading or using a computer. This makes everyday tasks for sufferers extremely challenging, especially when many of us dependent on our phones, computers and other devices.
Of the over 400 million people worldwide with various retinal diseases, nearly half of them (approximately 170 million) suffer from some sort of AMD (source) (source). Of the total macular degeneration patient population, it is estimated that roughly 90% suffer from dry AMD, which has no cure or therapy (source).
The other 10% are referred to as Wet AMD, which is treated by several drugs that only slow the progression.
The Solution
AR technology proven to enhance
vision!
Eyedaptic has harnessed the power of augmented reality technology to create a pair of glasses that simulate natural vision. Eyedaptic’s EYE2 glasses are the only self-contained Augmented Reality (AR) glasses on the market that capture over 40 degrees of the patients’ FOV (field of view).
*All images are of past prototypes or our production product. Final results may differ.
We also will be launching two new products. The EYE3 will be our new premier model, featuring the highest FOV of any self-contained AR visual aid that we have seen. The EYE4 will serve as our value model and will be priced below our current EYE2 model. This model will be ultra-light, weighing in at just 80 grams that can be connected to your cell phone.
*All images are of past prototypes or our production product. Final results may differ.
Our glasses have an adaptive user interface for hands-free autonomous usage, as well as a range of controls to customize the user experience. This allows users to function more normally with a more natural viewing experience.
The Market
A billion dollar market opportunity
The retinal disease therapeutics market was valued at $11.04 billion and is projected to reach $21.3 billion by the end of 2026, growing at a CAGR of 8.6% in the forecast period. The global assistive technologies for the visually impaired market is expected to reach $6.57 Billion by 2025. With life expectancy increasing all the time, this issue is bound to become more prevalent, placing increasing pressure on the ophthalmic industry. (source)
A comparable industry is that of global hearing aids, which has a similar market size, demographics, and direct consumer payable. The hearing aid market is worth over $8B today and is projected to reach $14.45B by 2026 (source). With a similar business model, and price points, and vision valued 7 times as much as hearing, we believe this is a billion-dollar market opportunity. (source)
Our Traction
Patented Technology and Strategic Partnership with the World Leader in Low Vision Aids
We have already been awarded two patents, three trademarks, and currently have 12 more patent applications pending. Our one-of-a-kind AR visual aid solution enables AMD patients to perform everyday tasks and remain independent. In a clinical study, our participants saw a 5x improvement in task completion when using our product.
After a clinical study and a beta product release, Eyedaptic launched at the end of 2019 with its current iteration of hardware and software. In March, we announced our partnership with Vispero, the world-wide leader in low-vision aids and other assistive technologies. This provided us increased access to the low vision market.
In addition, we have a new pair of glasses that features enhanced image quality, form factor, and comfort. This product includes a new hardware platform, increased software capability and a redesigned user interface. The EYE3 is in user beta testing now with launch announcement coming soon & the EYE4 is in user benchmarking now with planned launch later in 2021.
*These testimonials may not be representative of the experiences of other customers and are not a guarantee of future performance or success.
The Business Model
Distributed through MDs and ODs, with subscription model options & high profit margins
Eyedaptic glasses are distributed through low vision specialists, who are specialized optometrists, and also through our partner’s dealer network of low vision distributors. The glasses are sold on average at a price of $3K to $6K (priced in line with hearing aids). Our newer models, such as the EYE4 value model, will implement a monthly subscription option, which brings the upfront cost down to just $1500 with an additional $50 monthly fee for software.
The retailer will potentially make roughly 20% to 30% margin. Cost of Goods is in the $500 to $1500 range, leaving a Gross Margin in the range of 50% to 70%. We also plan to distribute through general optometrists, which will produce similar profit margins.
Our USA pilot partnership with Vispero is one in which they act as our distributor and support partner. This enables quicker servicing of the market and scalability, and lower expense overhead. This creates a lower need for working capital in sales, marketing, and logistics. This can also potentially provide access to additional markets around the world in the future.
Eyedaptic’s current channels for lead generation and sales include direct to consumer advertising and referrals from local doctors. We continue to test the model as we scale our engagement. However, once our product becomes more widely used and supported by MDs and ODs, we aim to develop a direct-to-consumer model, much like that of the hearing aid industry.
What We Do
Simulating natural vision with ease and comfort!
At Eyedaptic, we make augmented reality (AR) glasses specialized for people with AMD. We first start with open market AR glasses that have satisfactory Field of View (FOV)
How We Are Different
No other visual aid like ours exists on the market!
The basic concept for a product like ours was first conceived by NASA about 30 years ago. However, wearable electronic technology is relatively new. Until recently, a comfortable, mobile, wearable solution with the computing power to handle advanced image processing and machine learning algorithms simply did not exist.
Our proprietary software, which uses image enhancement, pixel remapping and machine learning, provides both enhanced vision as well as a natural viewing experience.
*All images are of past prototypes or our production product. Final results may differ.
Our algorithms perform double duty, first analyzing images, then monitoring the embedded motion sensor data to infer the user’s focus of attention. In addition, the software enhances images to help the user see the real world more clearly and optimize their remaining peripheral vision.
Based on our surveys most visual aids on the market today are essentially magnification devices like magnifying glasses or CCTV systems. These only work for close up tasks, and are not hands free for mobility.
Our product is an FDA Class I Exempt device, which does not require FDA approval or clinical trials to go to market. Our visual aid allows for major cost savings and enables a more frequent product update cycle.
We believe based on feedback from our customers that competitors have tried to create similar concepts with Virtual Reality (VR), but the head mounted devices are heavy and cumbersome. Also, they isolate the user from the real world, handicapping the user by cutting off their peripheral vision entirely.
The Vision
We aim to be world leader in wearable visual aids
Eyedaptic’s ultimate mission is to be the leader in our space. We envision being the primary manufacturer of the market-leading wearable visual aid device that simulates natural vision.
*All images are of past prototypes or our production product. Final results may differ.
OUR LEADERSHIP
A unique blend of expertise in technology, optometry, ophthalmology, engineering and business
CEO, Jay Cormier, and CTO, Dave Watola, are both experienced technology executives. They have had successful careers at both hardware and software companies with multiple successful exits under their belts. Their MD co-founders, Dr. Mitul Mehta and Dr. Brian Kim, are both retina specialists who see many AMD patients on a daily basis. Both have software and engineering backgrounds to successfully bridge any gaps between the technology and the patient.
Our board of advisors are amongst world leaders in the fields of ophthalmology, optometry, and low vision specialization. All have long, successful track records in helping people with eye conditions. Our board of directors is composed of successful and experienced early-stage CEOs and investors.
Why Invest
Eyedaptic is backed by some of the leading Angel Investor Groups and has the ability to change millions of lives
In the last year, Eyedaptic has received multiple awards across a variety of ophthalmology and technology organizations. A few noteworthy accolades include:
2020 Vision Tank Start-Up Competition winner
2020 Orange County High Tech Award Finalist
2020 SXSW Pitch Finalist,
2nd place at Quick Pitch San Diego,
Nominee for Orange County Business Journal’s Top Innovators of the Year
*All images are of past prototypes or our production product. Final results may differ.
Eyedaptic is serving one of the largest unmet needs in medical vision today, with over 150 million people affected worldwide (source, source, source, source) Our one-of-a-kind AR visual aid solution enables AMD patients to perform everyday tasks and remain independent.
With multiple successful exits under our belts, a proven market model, and an experienced team that understands both the technology and medical fields, we have the necessary components to potentially make Eyedaptic the world leader in wearable visual aids. We have already secured investments from Tech Coast Angels, Band of Angels, and New York Angels, and members of the America Retina Forum. With your help and this raise, we are just one step closer to improving lives all over the world.
THE OFFERING MATERIALS MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
Quick Insert
In the Press
Eyedaptic Nominated as one of the Top Innovators in Orange County
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Eyedaptic – 2020 High Tech Award Finalist
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Easterseals
ATU474 – Eyedaptic with Jay Cormier
CEO-CFO Magazine
Using Augmented Reality Visual Aids with Proprietary Software, Eyedaptic, Inc. is optimizing and enhancing Peripheral Vision for people with Macular Degeneration or Loss of Central Vision
Village TV
Watch Eyedaptic’s co-founder Dr. Kim, give insights on Augmented Reality glasses to help those with AMD see a better future
SXSW Conference
Eyedaptic Selected As Finalist For 2020 SXSW Pitch
Macular Degeneration Foundation
Macular Degeneration Foundation Videos, Newsletters & Alerts
San Diego Business Journal
2019 Quick Pitch Competition Achieves Sold-Out Success
Offering Summary
Company | : | Eyedaptic, Inc. |
Corporate Address | : | 23421 South Pointe Drive, Laguna Hills, CA 92653 |
Offering Minimum | : | $10,000.00 |
Offering Maximum | : | $1,070,000.00 |
Minimum Investment Amount(per investor) | : | $249.60 |
Terms
Offering Type | : | Equity |
Security Name | : | Non-Voting Common Stock |
Minimum Number of Shares Offered | : | 12,500 |
Maximum Number of Shares Offered | : | 1,337,500 |
Price per Share | : | $0.80 |
Pre-Money Valuation | : | $12,029,635.20 |
COVID Relief
This offering is being conducted on an expedited basis due to circumstances relating to COVID-19 and pursuant to the SEC’s temporary regulatory COVID-19 relief set out in Regulation Crowdfunding §227.201(z).
Expedited closing sooner than 21 days
In reliance on Regulation Crowdfunding §227.303(g)(2) A funding portal that is an intermediary in a transaction involving the offer or sale of securities initiated between May 4, 2020, and February 28, 2021, in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an issuer that is conducting an offering on an expedited basis due to circumstances relating to COVID-19 shall not be required to comply with the requirement in paragraph (e)(3)(i) of this section that a funding portal shall not direct transmission of funds earlier than 21 days after the date on which the intermediary makes publicly available on its platform the information required to be provided by the issuer under §§227.201 and 227.203(a).
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Company Perks*
Time-Based:
Friends and Family Early Birds:
Invest within the first week and receive an additional 20% bonus shares
Super Early Bird Bonus:
Invest within the first two weeks and receive an additional 15% bonus shares
Early Bird Bonus:
Invest within the first three weeks and receive an additional 10% bonus shares
Last Chance Bonus:
Invest within the first four weeks and receive an additional 5% bonus shares
Amount-Based:
Amount-Based:
Tier 1: $500+
Quarterly Investor Newsletter from the CEO
Tier 2: $1,000+
5% Bonus Shares
Tier 3: $2,500+
5% Product Price Discount
Tier 4: $5,000+
5% Product Price Discount
5% Bonus Shares
Tier 5: $10,000+
10% Product Price Discount
7% Bonus Shares
Tier 6: $25,000+
15% Product Price Discount
10% Bonus Shares
Tier 7: $50,000+
Early new product access for Beta product
15% Bonus Shares
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Eyedaptic, Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of non-voting common stock at $0.80/share, you will receive and own 110 shares for $80. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
*Concurrently with this offering, the Company may seek to raise funds in other offerings exempt from registration.
Irregular Use of Proceeds
The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments. Salary payments made to one’s self, a friend or relative. Any expense labeled “Travel and Entertainment”.
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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$379,118.00
USD
$212,068.00
USD
Cash And Cash Equivalents
$363,254.00
USD
$184,512.00
USD
Accounts Receivable
$0.00
USD
$0.00
USD
Short Term Debt
$234,368.00
USD
$718,457.00
USD
Long Term Debt
$940,000.00
USD
$135,000.00
USD
Revenues And Sales
$62,313.00
USD
$5,580.00
USD
Costs Of Goods Sold
$38,398.00
USD
$4,522.00
USD
Taxes Paid
$0.00
USD
$0.00
USD
Net Income
-$687,050.00
USD
-$653,856.00
USD
Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
It's World Sight Day - Hurry Invest Now!
8 months agoHello Eyedaptic Followers,
It is world sight day, and we are on a mission to help those with low vision with our breakthrough technology.
Our campaign is closing NOW so hurry if you want to make an investment before it is too late!
Thank to all for supporting the future of sight,
The Eyedaptic Team
FINAL CALL - Campaign Closing - Hurry Invest Now!
8 months agoHello Eyedaptic Followers,
Our campaign is closing NOW so hurry if you want to make an investment before it is too late!
If you want to help millions of people with low vision, and invest in technology to enable the mission, this is your last and final chance to invest in Eyedaptic!!
Thank to all for supporting the future of augmented reality and vision,
The Eyedaptic Team
Only 1 day before campaign close - Hurry Invest Now!
9 months agoHello Eyedaptic Followers,
Our campaign closes TOMORROW so hurry if you want to make an investment before the opportunity passes by.
Be part of bringing our technology to people across the USA and around the Globe!
Thank you for supporting the future of enhanced vision,
The Eyedaptic Team
Product Feedback is Great - Hurry Invest Now!
9 months agoHello Eyedaptic Supporters,
We have been delighted with the feedback from our dealers and doctors on our new products the EYE3 & EYE4!
We now have the only wearable smart glasses visual aids, that include both a fully self contained model as well as the lightest weight and most comfortable models on the market!!
Thanks for supporting the future of augmented vision technology,
The Eyedaptic Team
Only 2 days remaining - Hurry Invest Now!
9 months agoHello Eyedaptic Followers,
Our campaign closes in only two days and you will no longer have the opportunity to invest in the amazing things we’re doing.
Help us reach even more people, that have Macular Degeneration and low vision, lead a more independent life!
Thank you for supporting the future of augmented vision,
The Eyedaptic Team
Our customers love Eyedaptic - Hurry Invest Now!
9 months agoHello Eyedaptic Supporters,
Our customers are ecstatic with both our new products the EYE3 & EYE4!
We now successfully span the market for low vision aids, with the best wearable glasses technology. Join us in helping more people with vision impairments, and invest before time runs out!!
Thanks for supporting the future of vision technology,
The Eyedaptic Team
Only 3 days remaining - Hurry Invest Now!
9 months agoHello Eyedaptic Followers,
Our campaign closes in a few days and you will no longer have the opportunity to invest in the amazing things we’re doing.
Join us as we serve one of the largest unmet needs in medical vision today and help the more than 400 people worldwide suffering from retinal diseases.
Thank you for supporting the future of vision,
The Eyedaptic Team
A great year! Only 6 days until campaign close - Hurry Invest Now!
9 months agoHello Eyedaptic Supporters,
Eyedaptic has had a great year with two new products, three new granted patents and record revenues! Our technology is helping blind people see and live a more independent life!
We have only a few days left before the campaign closes, so hurry and invest now!
Thank you for supporting the future of vision,
The Eyedaptic Team
Campaign Closing in only 1 week - Invest Now!
9 months agoHello Eyedaptic Followers,
We only have 7 days remaining in our crowdfunding campaign! Hurry to be part of helping millions of people worldwide see better!!
Thanks for funding the future of Augmented Vision!
The Eyedaptic team
Only 8 days remaining for Eyedaptic - Welcome our new Advisor!
9 months agoGreetings Eyedaptic Supporters,
Please join me in welcoming our newest Optometry Advisor - Dr. Dorothy Hitchmoth! Dorothy has deep experience in the optometry business including with some of the nations leading healthcare institutions!! Here is a bit of background information:
Dr. Hitchmoth is a professor, lecturer and educator. She is Fellow of the Academy and the Retina Society and is board-certified. She served as the Chief of Optometry, Director of Residency, VA New England health systems, and teleretinal imaging expert during her tenure serving our nations veterans. She is the owner and operator of a private-practice that has been recognized as a macular degeneration center of excellence. She has been a key influencer in public policy and legislation regarding access to eye and health care and has served in leadership roles in the American Optometric Association while also successfully leading national education campaigns for new product and service launches in the ophthalmic imaging, pharmaceutical, and integrative medicine arenas.
Thank you for supporting the future of vision,
The Eyedaptic Team
A seasoned digital video technologist and entrepreneur with 25+ years of experience in advanced system design, distributed software architectures and large-scale end-to-end mobile solutions. Chris has extensive background in medical image acquisition and processing, specialized video encoding, and signal processing. He holds an MD from Varna School of Medicine, where he worked on solutions for multi-modality volumetric data acquisition, and 3D visualization going on to found his first company with this technology. Later, as a co-founder and chief technologist at ActiVideo, Inc., Chris went on to pioneer a multitude of digital video initiatives, including development of early web browser plug-ins for live video capture and streaming, web-based video-messaging platforms, and the first fully integrated cross-platform video-email solution. His current work is in the area of machine vision and machine learning for dynamic image classification.
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