Innovega Inc., a company developing stylish, lightweight, wearable displays that feature a high-resolution, panoramic field of view for virtual and augmented reality, has launched an equity crowdfunding round with New York-based SeedInvest.
Innovega’s eMacula™ is a wearable display system that includes a patented disposable soft contact lens (“smart lenses”) and a range of display eyewear (“smart glasses”). eMacula provides a synthesis of comfort, appearance and visual benefits that’s unavailable in other AR/VR products – which are typically encumbered by heavy, obtrusive headsets or eyewear with a narrow display field.
SeedInvest enables individuals to invest in private companies and has successfully funded more than 150 companies from its network of more than 200,000 investors, including an initial Innovega funding round in 2018. The new funds will allow Innovega to accelerate commercialization, including a Phase III FDA clinical investigation for its smart contact lenses.
Innovega’s licensing business model allows for multiple manufacturing and distribution partners to bring eMacula to market, configured for various applications. Innovega’s first use case is engineered for the visually impaired and has been supported by grants from the National Eye Institute of the National Institutes of Health.
“The visually impaired require a wide-field-of-view display to optimize image amplification while enjoying a useful span of content,” said Innovega Co-Founder Jerome A. Legerton. “We are grateful for the NIH grants that allow us to progress our development, prepare for commercialization, and leverage this success in responding to unmet needs of large consumer markets.”
Innovega’s patent portfolio of 26 filed patent applications and 13 granted U.S. patents spans the company’s proprietary Enhanced Retina Technologies, including the system of contact lenses and smart glasses and key sub-systems such as eye tracking.