News Article

Innovega Inc. Secures Lead Investor in First External Financing
Date: Mar 25, 2013
Source: Press Release ( click here to go to the source)

Featured firm in this article: Innovega Inc of Bellevue, WA

Strategic Partner Invests First $1 Million of $2 Million Financing

SEATTLE, WA., March 25, 2013 -- Innovega Inc., a developer of compact, wearable HUD displays, announced today that it has closed the initial $1 Million of a $2 Million financing. The lead investor is a large internet services company whose scale and experience could aid Innovega in its plan to deliver wearable displays that target new generations of entertainment experiences.

Innnovega will apply these new funds for general working capital, and more specifically for the development of wearable prototypes that will set the stage for acceleration of its consumer product strategy.

"Our attendance at CES 2013 provided further confirmation that consumers are frustrated with their small smartphone and portable gaming device screens", stated Steve Willey, CEO. "They are hungry for 'big mobile media experiences', that should include fully immersive 3D gaming, panoramic video, full field-of-view AR (Augmented Reality)*, and new experiences that can only be delivered from the large, transparent screen that is incorporated into Innovega's compact eyewear. We are very grateful to receive an investment from a company of this size and sophistication since it further validates our belief in the future of wearable computing and in the consumer's desire for what we call big media".

* Augmented Reality (AR) - Definition from "Wikipedia": Augmented reality (AR) is a live, direct or indirect, view of a physical, real-world environment whose elements are augmented by computer generated sensory input such as sound, video, graphics or GPS data.

About Innovega Inc.

Innovega provides components, core technology and reference designs that enable its customers to develop new generations of personal media eyewear. Its novel iOptik™ architecture improves comfort and styling by eliminating bulky and heavy focusing optics from the eyewear and leveraging performance of a modern soft contact lens. The media is overlaid across the wearer's full field-of-view, is always available, and its familiar transparent lens eyewear eliminates the social barrier that has plagued earlier wearable displays. Innovega maintains offices in Seattle, WA. and San Diego, CA.

Source: Innovega Inc. Contact: Steve Willey (425) 516-8175