Innovega Inc., a developer of next-generation display eyewear for augmented reality, virtual reality (AR/VR) and Metaverse applications, today launched an online funding campaign with StartEngine, a leading equity crowdfunding platform.
Innovega has raised more than $16 million in total funding, and already closed more than $5.6 million in the first phase of this SEC-qualified Regulation A financing. Proceeds from this StartEngine campaign will fund important 2022 initiatives including FDA clinical investigations of its smart contact lens; preparation for commercial launch of combination contact lenses and display eyewear for use by the visually impaired including legally blind; expansion of Innovega’s portfolio of 54 U.S. and International patent cases; and development of product designs for follow-on applications and markets.
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Innovega’s display system includes patented disposable soft smart contact lenses that are used in conjunction with its display glasses. This system is designed to meet wearers’ parallel demands for lightweight, stylish eyewear and for access to digital media that features high-resolution and panoramic field of view. This important combination is unavailable from other AR/VR displays that are typically encumbered by heavy, obtrusive headsets or limited by a narrow or low-resolution display.
Innovega’s capital efficient licensing model will enable established contact lens manufacturers to expand their product portfolio into this new category of smart lenses. Similarly, Innovega will offer to companies with global brands and distribution, the opportunity to co-develop and manufacture display eyewear that allows them to participate in what is being called the Metaverse, or Web 3.0.
“We are excited to partner with StartEngine on this campaign. StartEngine has over 600,000 investors as part of their community and have raised over half a billion dollars for its clients,” said CEO and Co-Founder, Steve Willey. “Innovega is at an exciting and pivotal time in its growth, as it prepares for commercialization of its first products. This new funding that we will raise with StartEngine, will fuel our success during what will be a busy and eventful next phase in our growth.”
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