Augmented-reality contact lenses to be human-ready
While Google works to bring a polished Glass device to market, wearables startup Innovega is taking head-mounted displays a step further: contact lenses that interact with full HD glasses.
Innovega Inc. has raised approximately $5,079,036 towards the offering maximum ($15,000,000) for this offering outside the platform through another broker-dealer. The company also raised $1,026,000 through direct investments outside of this offering for an aggregate amount raised of approximately $6,105,036.
This Reg A+ offering is made available through StartEngine Primary, LLC.
Raised over $16 Million from more than 2,800 investors
Massive new markets: Analysts predict that by 2025, AR/VR markets will generate up to $97 billion of new business which will be accelerated by Facebook, Apple and others who in 2021 committed to building the Metaverse.
Growing demand for novel high-performance display eyewear: Innovega’s lightweight, stylish eyewear is being designed for use across all Metaverse markets and could be used by patients, workers, and consumers.
Delivered on more than $6 Million of government contracts: Awarded by National Science Foundation, Defense Advanced Research Projects Agency, U.S. Army, and the National Eye Institute of the National Institutes of Health.
Robust Patent Portfolio: Achieved a portfolio of 54 U.S. and International patent cases.
World-class team with a track record of execution: Led by experienced team members who previously exited from VC-backed and Nasdaq-listed companies. Ninety years of combined experience in smart glasses, contact lens development, and mobile devices.
Committed licensee customer that will focus on delivering eyewear solutions for the visually impaired, including the legally blind: According to the International Agency for the Prevention of Blindness (IAPB), 217 million patients suffer from moderate to severe visual impairment. Innovega and its partners plan to launch eyewear that substantially improves the quality of life of this large and growing patient population.
Proven product-market fit: As many as 11 million people in the United States have some form of age-related macular degeneration. This number is expected to double to nearly 22 million by 2050. Investigators from The Ohio State University, College of Optometry, recently used Innovega’s system to provide visually impaired patients the ability to see 20/20 letters and print at normal distances.
Regulatory Approval: Completed pre-clinical lens testing; conducted multiple Phase II feasibility clinical investigations; and conducting Phase III clinical investigations pursuant to regulatory approval.
Overview
Innovega aims to change the way we see the world by delivering human-friendly, full field of view display eyewear for the Metaverse and for other AR/VR applications. Its patented technologies combine smart contact lenses with lightweight glasses to deliver a combination of style, comfort, and performance that we believe is unmatched by any product from competitors.
For its launch application, the Innovega team designed a novel eyewear system for patients with visual impairment, including those who are legally blind, and whose quality of life and independence are significantly reduced. Independent testing confirmed that our smart lens and eyewear combination has the ability to restore independence and freedom to patients with visual impairments, and even provide them with an opportunity to see signs and print that demand 20/20 visual acuity.
the problem
#1: Successful AR/VR and access to the Metaverse require next generation display eyewear
To deliver a suitable display for VR applications, companies have incorporated large conventional optics into even larger headsets. These bulky, heavy, hot and obtrusive headsets prevent the sort of social interaction and mobility that are at the heart of human needs.
To deliver AR eyewear, companies have developed challenging waveguides or other optics, and the result is a narrow display that prevents the quality of real-world overlay and blending that users expect or need.
Add to these limitations the fact that today’s VR and AR displays create eye strain and wearers complain of discomfort and headaches. These design challenges and failure to deliver what wearers need or want have derailed the opportunity for substantial growth in AR or VR markets.
In the fall of 2021, Mark Zuckerberg, CEO Facebook, described his commitment to build the Metaverse, an expansive and immersive digital world in which we will work and play. To achieve this vision, users will require comfortable, lightweight, and extremely powerful AR/VR displays. Innovega’s proprietary contact lens and eyewear designs are engineered to overcome the many challenges that have limited use and acceptance of AR/VR and unless resolved, could hamper the success of Web 3.0.
#2: Inadequate solutions for millions of Visually Impaired, including the Legally Blind
Building the Metaverse may take another few years, but the debilitating impact of vision impairment and legal blindness exists today and its prevalence is growing. Solutions that are currently available to these patients including prescription glasses, contact lenses, and surgery fail to offer the level of real-world magnification and enhancement that they need. Display eyewear offers new potential to assist these patients whose quality of life and independence are greatly affected.
Unfortunately, the fundamental requirement of lightweight, stylish yet high-performing eyewear has not been realized.
We believe that Innovega demonstrates it can deliver eyewear solutions that offer both the necessary high-performance display and lightweight, conventional styling. The problem facing suppliers and patients is evident on the right-hand side of the image below, where a bulky VR headset does not meet the needs of a growing yet substantially underserved market.
*Imagery of glasses are computer generated. Commercial development is underway.
the solution
#1: AR/VR and the Metaverse: The intersection of performance and comfort
Innovega uses a combination of conventional eyewear and contact lenses that allow the user a clear view of their real-world while delivering a seamless view of rich media displayed on dual micro-displays embedded in the glasses. The disposable contact lenses and display eyewear were designed, developed, and clinically tested by a world-class team of optometrists, ophthalmologists, optics engineers, and nano-fabrication experts.
This combination is engineered to satisfy the demand for lightweight stylish eyewear and access to high-quality media; and, to deliver high-resolution media with a field of view as great as 110-degrees.
*Images above are prototypes. Commercial development is underway.
Innovega’s novel contact lens and retinal technologies are designed to enable stylish eyewear configurations across the spectrum of Augmented, Virtual, and Metaverse experiences.
*Imagery of glasses are computer generated. Commercial development is underway.
Furthermore, we believe that an ideal eyewear solution must deliver on all 7 of the key features listed below:
Innovega’s new and revolutionary wearable display platform is engineered to deliver all of these key features and its AR/VR configurations are suitable for high-volume applications for the Metaverse, important and growing vertical applications including for the visually-impaired and for other sensory and cognitive disability patient communities.
#2: Serving the Visually Impaired, including the Legally Blind
The mission and goal is the restoration of the quality of life of tens of millions of patients who suffer from Age-Related Macular Degeneration and similar diseases. Product designers must deliver eyewear with cameras and processors that deliver up to 30 times magnification and present to the patients on a panoramic screen located within the eyewear. Furthermore, the eyewear must be so lightweight and comfortable that it can be worn throughout the day, and enable patients to be fully mobile in order to recover the independence that many have lost.
Innovega showed promised through independent testing that its combination of smart contact lenses and stylish, lightweight glasses enables patients restored independence and freedom based on a measured and new ability to see signs and print that demand 20/20 acuity. At the College of Optometry at The Ohio State University, Doctors of Optometry evaluated use of Innovega's smart contact lenses and eyewear for near and distance visual tasks by nine individuals whose vision was impaired. Results were presented at the 2021 ARVO conference. (Cooley et al)
*Imagery of glasses are computer generated. Commercial development is underway.
the market
Driven in large part by the commitment of global media giants to build the Metaverse, the market analyst below projects growth across both AR and VR applications. The AR/VR market achieved $21.4 billion in 2020 and is forecast to achieve $97.9 billion by 2025. Growth per year averages an exciting 30%.
Global Market forecast in $ U.S. and in % CAGR
Source: Business Wire
Our display eyewear is designed to be configurable and programmable and can therefore serve a wide range of applications, including the following:
Both Innovega and its licensee customer are committed to delivering solutions for a global market of tens of millions of visually impaired and legally blind patients.
*Imagery of glasses are computer generated. Commercial development is underway.
Traction
Partnerships
In February 2022, Innovega issued a worldwide license following receiving a seven-figure financial investment from one of the world’s largest suppliers of aids for patients who suffer from severe visual impairments.
Innovega believes that this capital-efficient licensing model will enable acceleration of the commercialization of its contact lens and eyewear platforms across diverse markets, including those created by companies who are committing to build the Metaverse.
From Visually Impaired Patients to Metaverse Markets
Innovega plans to sell licenses to global companies who commit to fund, co-develop, manufacture, and supply its combination smart contact lens and glasses designs. Under this model, Innovega expects to earn income from sale of these licenses, from unit royalties based on sale of both eyewear and disposable lenses, and from fees charged by Innovega for technical and clinical consulting. Innovega expects to earn a stream of recurring unit revenue royalties from the sale of contact lenses when they are replaced on a monthly basis.
Innovega will allow these organizations to private-label its technologies and designs, and deliver products to markets they control, under their own brand.
Our licensees are thereby enabled to gain benefit as they avoid the costly and time-consuming process of performing their own intensive research and development, and benefit from the Innovega achievements in securing patents, in the U.S. and International markets. They are able to focus on what they do best, offering world-class solutions and building their reputation and brand.
Innovega Opportunity Roadmap
The use of Innovega smart contact lenses and eyewear has the potential to quickly improve lifestyles of patients with auditory and cognitive impairments in addition to those with visual impairement. Innovega has already filed a key patent application protecting eyewear systems for use by for the hearing impaired. Innovega is executing a go-to-market strategy that includes launch to meet the needs of the visually impaired, while actively investigating partnerships that could accelerate solutions for patients with other sensory impairments; for workers; and for consumer applications that include healthcare, enterprise, sports, entertainment, and gaming. Each can benefit from the building of a Metaverse that delivers value and capabilities that extend well-beyond real-world experiences
The Innovega team has already demonstrated its ability to deliver on more than $6 million of contracts and brings proven skills in building and selling high-performing businesses.
Market Clearance from the US Food and Drug Administration (FDA)
*Imagery of glasses are computer generated. Commercial development is underway.
Why invest
Innovega recently executed its first license and aims to offer unprecedented benefits to the visually impaired.
*IImagery of glasses are computer generated. Commercial development is underway.
This journey began A DECADE AGO when the team at Innovega patented its clear vision of the future. They did not accept that VR headsets should be ugly, bulky, or uncomfortable, or that AR goggles should limit the wearer's natural view of the world. They could not accept that wearers must suffer headaches due to eyestrain or be restricted in how they performed their normal daily activities. The Innovega team envisioned a new and comfortable way to connect with a next-generation internet, where the wearer's virtual and real worlds would co-exist and always be at-hand.
NEAR THE END OF 2021 Facebook committed to start building the Metaverse, a digital and online space that blends key aspects of the user's virtual and real world. Other media giants began defining their vision for Web 3.0. We believe that these announcements and commitments have removed any doubt that demand for display eyewear will accelerate quickly.
For these plans to become a reality, these companies will need to deliver light-weight, highest-performance display eyewear, allowing subscribers to access and navigate these new digital worlds.
Built and managed by scientists, engineers, and industry leaders, Innovega is just getting started. We have in hand a portfolio of 54 patent cases and plans that extend far beyond the application for the vision impaired. We intend to offer our display eyewear to other global companies and will view companies that will leverage the Metaverse as future customers and partners, rather than competitors. This is just the beginning.
Our StartEngine crowdfund will allow Innovega to access the resources it needs to drive its collaboration with other partners. We invite each of you to participate in this next phase of growth.
The future is Innovega.
AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. THE SEC HAS QUALIFIED THAT OFFERING STATEMENT, WHICH ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. IT DOES NOT MEAN THAT THE SEC HAS APPROVED, PASSED UPON THE MERITS OR PASSED UPON THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THE OFFERING STATEMENT.
THE OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT CAN BE FOUND HERE.
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.
WHILE THE COMPANY HAS SIGNED A QUOTATION AGREEMENT TO TRADE THE SECURITIES OFFERED ON STARTENGINE SECONDARY’S NEW ALTERNATIVE TRADING SYSTEM (THE “ATS”), A COMPANY WHICH INTENDS TO BE QUOTED ON THE MARKETPLACE WILL BE SUBJECT TO CERTAIN REQUIREMENTS WHICH THE COMPANY MAY OR MAY NOT BE ABLE TO SATISFY IN A TIMELY MANNER. EVEN IF A COMPANY IS QUALIFIED TO QUOTE ITS SECURITIES ON THE MARKET, THERE IS NO GUARANTEE AN ACTIVE TRADING MARKET FOR THE SECURITIES WILL EVER DEVELOP, OR IF DEVELOPED, BE MAINTAINED. YOU SHOULD ASSUME THAT YOU MAY NOT BE ABLE TO LIQUIDATE YOUR INVESTMENT FOR SOME TIME OR BE ABLE TO PLEDGE THESE SHARES AS COLLATERAL.
While Google works to bring a polished Glass device to market, wearables startup Innovega is taking head-mounted displays a step further: contact lenses that interact with full HD glasses.
Basically, Innovega is everything that we've ever wanted, and all it takes is a slight eyeball hack in the form of a specially designed contact lens:
The startup journey is often a sprint, a mad dash to raise capital and release products. But augmented reality startup Innovega is betting that slow and steady will win the race.
Your Portal Into the Digital World
Innovega is preparing commercial vision solutions that enable the Metaverse. It is what Mark Zuckerberg has called the future of the internet. It is what market researchers forecast as a Metaverse Market Size Worth $400.5 Billion by 2028 and $5 Trillion by 2030.
Innovega enables the metaverse by removing the major roadblock of unwearable smart glasses. Innovega's technology contribution makes smart glasses wearable instead of bulky, heavy, and uncomfortable. We have made several advancements through our iOptik(r) contact lenses that allow direct viewing of microdisplays in the smart glasses that, in turn, reduces their size and weight while also replacing the need for vision correction lenses. Innovega's newest transparent display smart glasses are forecast to be the lightest and most stylish alternative.
Regards,
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
https://www.sipc.org/
https://www.finra.org/#/
Innovega Selected as Finalist in the Best Consumer Tech Innovation Category
Innovega recently accepted their finalist nomination for the Best Consumer Tech Innovation category, as part of the 2022 Octane High Tech Awards. With this, Innovega beat several other consumer technology innovations to make it to the highly competitive finalist round. The finalist decision was made following Innovega's submission of key technology information and Octane’s extensive interview with our founder and CEO, Steve Willey.
Octane’s final judging day is scheduled for August 10, 2022. Steve will go before a panel of Octane judges, present Innovega’s innovative technology, and answer a series of questions.
We are pleased to be a finalist and excited to receive the recognition of our innovative technology.
Regards,
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
There has been large progress by Innovega in the last few weeks. Big things are happening and we’re thrilled to share them with you.
We are honored to announce that Innovega has been nominated for the Outstanding Technology Company award from Octane. As Southern California’s premier tech and medtech incubator, Octane has fostered the growth of a local ecosystem of 55,000 workers and hundreds of success stories. To have our nomination accepted by Octane is an incredible accomplishment for our team. We’re overjoyed to be setting the stage for tomorrow’s future with this amazing group of entrepreneurs.
Prospective customers and technology partners can enjoy the best possible Innovega experience in our new Demonstration Experience Room! This facility, opening by the end of August, will foster a better understanding of the power of our technology. Our team is laser-focused on integrating video materials that reveal the capabilities of each Innovega display configuration.
Innovega has surpassed $6M in investments. We’d like to extend our deepest gratitude to individuals who invested through our broker-dealers totaling $5,079,036, and the existing shareholders who raised $1,026,000 in direct investments.
Mark Zuckerberg spoke with Jim Cramer of CNBC about the anticipated scale of the metaverse. Mark’s vision includes“ a billion in the metaverse doing hundreds of dollars of commerce.” We believe Mark’s grand vision will assist Innovega in its plan to build future partnerships.Innovega is preparing commercial solutions for the forecasted metaverse market size.
According to the McKinsey Report, ”the metaverse will be worth 400.5 billion dollars by 2028 and 5 trillion dollars by 2030. This offers the Innovega team a lot of ways to leverage the valuable innovations that it has developed and demonstrated."
Regards,
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
Opportunity to Empower the Metaverse
The metaverse is an immersive, digital world that META, Apple, Microsoft and others have committed to build as they lead the transition to the next phase of the internet. Conventional 2D mobile device screens will allow each of us a taste of what is certainly in our future, but since the metaverse is immersive and 3-dimensional, the clear vision is for users to wear comfortable, stylish smart glasses or contact lenses (and in our case, “both”).
Few understood the scale intended by those who will fund building of the metaverse. Jim Cramer of CNBC recently spoke with Mark Zuckerberg and asked him for his vision. Mark described that by the end of this decade, he expects “a billion people in the metaverse doing hundreds of dollars of commerce”. If other global OEMs share this, we can expect the metaverse to deliver a trillion dollars of revenue.
Innovega fully embraces Mark’s vision where he sees us working, learning and being entertained in this new connected, virtual environment. Since in the first quarter of 2022, META platforms had 3.64 billion monthly active users and their other application, WhatsApp, reported 2 billion users in 2020, Mark’s vision of one billion users seems highly plausible.
This update from Mark Zuckerberg is highly important to Innovega. We are beginning to plan which of these OEMs will be first to drive demand for eyewear systems and which we should approach to discuss potential future partnerships.
Regards,
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
Innovega surpassed $6 million raised in its Regulation A round!
This milestone was achieved through a combination of investments with the StartEngine platform, through another broker-dealer platform, and direct investments from existing shareholders.
Innovega Inc. raised $6,105,036, of the offering maximum of $15,000,000, outside the currently active StartEngine platform. Of that total, $5,079,036 was raised through another broker-dealer and $1,026,000 was raised through direct investments from existing shareholders.
Join more than 2,800 Innovega shareholders and invest today.
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
Experiencing the Power of Innovega’s Technology
Innovega’s prospective customers and technology partners enjoy the best possible user experience to better understand the power of our technology. We are building a Demonstration Experience Room to meet their needs as part of our expanded San Diego facility and plan to provide first live experiences in the facility by the end of August.
We are pleased to announce our recently added team member, Luke Benoit, who is spearheading the demonstration project. Luke is laser-focused on completing the Demonstration Experience Room within our timeline. Our live demonstrations include experiencing our smart contact lenses with three distinct configurations of our display glasses. Luke will also integrate video material that will reveal the capabilities of each of the configurations.
Innovega’s new Demonstration Experience Room is a corporate asset that will be valuable to advancing our mission, and another achievement for the Innovega team.
Innovega has raised more than $16 million in equity funding from 2800 shareholders. Funding the demonstration experience is another example of our thoughtful and strategic deployment of this capital.
Please join us and help us maintain our full momentum to deliver on our amazing innovation.
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
Innovega Nominated for Outstanding Technology Company
We’re thrilled to announce that Innovega’s nomination for Outstanding Technology Company has
been accepted by Octane, Southern California’s premier Tech and Medtech incubator. Through their
high standards, Octane has been responsible for hundreds of success stories and for the growth of a
local ecosystem that will soon reach 55,000 workers.
To be accepted as a nomination is an incredible accomplishment for our team. We are honored to be recognized and to be participating with such an incredible group of entrepreneurs who are setting the stage for tomorrow’s future.
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
https://www.sipc.org/
Appreciation to the Innovega team for the heroic accomplishment
Dear Innovega Shareholders and Enthusiasts,
The Innovega team recently completed shipment of over 1400 test contact lenses for a Phase III clinical investigation of our lenses. The timing of Innovega’s move to a new facility was predicated on the completion of the lenses.
A partial team is now re-calibrating the equipment and preparing for continued process development and the production of more than 2000 lenses for a follow-on Phase III clinical investigation.
Join me in thanking the team for this heroic accomplishment!
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
Dear Innovega Shareholders and Enthusiasts,
The Innovega team is operating in its new facility and could not be more pleased with the benefits it offers.
The leasehold improvements and some equipment upgrades are an achievement that was entirely funded by our 2021 Regulation A+ campaign and the more than 2500 shareholders who participated.
Organizing the engineering area is underway along with recruiting new team members to advance the development of eyewear for our next application partners. The fully-equipped clinic for internal fast-turn feasibility clinical observations will be operating by the end of May.
Join me in thanking the team for the successful move and commencement of operations in the new facility.
With gratitude to the Investors that made this possible,
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
https://www.sipc.org/
Dear Innovega Supporters,
We are pleased to announce that we are approaching $5.3 million of Regulation A+ funding and that has brought us 2500 amazing investors.
If you’ve been following our progress, you know that we plan to deploy this capital for completion of FDA trials as well as the design of commercial eyewear that independent testing has demonstrated will significantly improve the quality of life of the visually impaired, including the legally blind. This is only our first application. The Metaverse will offer many more opportunities.
Our team has completed its recent transition to a new facility and therefore will soon have more time to share details of our growth and many achievements.
If you have not invested yet, please join our community of passionate shareholders. If you are already a shareholder, please check that you have invested all you intend as this funding round can only be offered for a limited period of time.
Sincerely,
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
https://www.sipc.org/
{{ profileCtrl.commentsLoading ? 'Loading...' : 'Show More Comments' }}