Innovega

[Closed for Investment] Innovega, with a valuation of $54.3 million, is raising funds on StartEngine through Reg A+ crowdfunding. The company makes and sells smart contact lenses and glasses that deliver high-quality AR/VR experiences. The experience is provided through eMascula, the wearable display system of Innovega. Innovega has 14 issued US patents and 13 pending patents, and the product will be used across all Metaverse markets. Stephen Willey and Jerome Legerton founded Innovega in 2008. The current crowdfunding campaign has a minimum target of $750,000 and a maximum target of $15,000,000. The campaign proceeds will be used for clinical projects, engineering projects, facilities and equipment, and working capital.

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Investment Overview

Raised this Round: Raised: $580,719

Deal Terms

Total Commitments ($USD)

Platform
StartEngine
Start Date
12/24/2021
Close Date
Not Provided
Min. Goal
$10,000
Max. Goal
$15,000,000
Min. Investment

$498

Security Type

Equity - Preferred

Series

Series A

SEC Filing Type

RegA+    Open SEC Filing

Price Per Share

$3.00

Pre-Money Valuation

$54,300,000

Company & Team

Company

Year Founded
2008
Industry
Media, Entertainment & Publishing
Tech Sector
Hardwaretech
Distribution Model
B2B
Margin
Low
Capital Intensity
High
Location
Bellevue, Washington
Business Type
Growth
Company Website
Visit Website

Team

Employees
6
Prior Founder Exits?
Yes
Founder Name
Jerry Legerton
Title
Director
Founder Name
Steve Willey
Title
CEO and Director

Financials

 Revenue
$45,040
 Monthly Burn
$109,036
 Runway
18.7 months

Balance Sheet

Cash and Cash Equivalents

$2,036,907

Investment Securities

$0

Total Investments

$0

Accounts and Notes Receivable

$0

Loans

$0

Property, Plant and Equipment (PP&E)

$80,901

Property and Equipment

$0

Total Assets

$2,812,277

Accounts Payable & Accrued Liabilities

$578,436

Policy Liabilities and Accruals

$0

Deposits

$0

Long Term Debt

$1,763,463

Total Liabilities

$2,743,401

Total Stockholders' Equity

$68,876

Total Liabilities and Equity

$2,812,277

Statement of Comprehensive Income Information

Total Revenues

$45,040

Total Interest Income

$0

Costs & Expenses Applicable to Rev

$13,577

Total Interest Expenses

$0

Depreciation and Amortization

$0

Net Income

$-1,308,434

Earnings Per Share - Basic

$-0.14

Earnings Per Share - Diluted

$-0.14

Auditor: FRUCI & ASSOCIATES II, PLLC
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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
09/30/2022 StartEngine $54,300,000 $580,719 Equity - Preferred Funded RegA+
12/23/2021 SeedInvest $54,269,000 $5,551,837 Equity - Preferred Funded RegA+
04/21/2021 SeedInvest $54,269,000 $1,009,902 Equity - Preferred Funded Test the Waters
03/26/2019 SeedInvest - $600,000 Debt Funded RegD 506(c)
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Innovega on StartEngine 2022
Platform: StartEngine
Security Type: Equity - Preferred
Valuation: $54,300,000
Price per Share: $3.00

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Follow Innovega on StartEngine 2022

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Warning: according to the close date for this deal, Innovega may no longer be accepting investments.

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