About InnoVision Labs

InnoVision Labs, Inc., a development stage neuroscience software technology company, develops and commercializes consumer-oriented software applications. The company delivers its scientific products through a game-like experience based on mobile applications (apps). The company focuses significant time and resources on development of its new app, which is based on sports themes, including basketball and baseball, with a go-to-market strategy of partnering with known athletes as brand partners. It also plans to re-launch its existing GlassesOff app under a new dynamic game-like technology. The company conducts its development efforts through its wholly owned Israeli subsidiary, Eyekon E.R.D Ltd. The company’s primary app, GlassesOff, aims to eliminate, through exercise, the dependency on reading glasses of people over the age of 40 who experience natural age-related changes in their near vision sharpness. The GlassesOff app is implemented on the Apple iOS platform (iPhone, iPod, iPad) and the Android platform and is available on the main app markets, such as the Apple App Store and The Google Play store. The company’s new app, Game Vision, is based on sports themes, with a go-to-market strategy of partnering with known athletes as brand partners. It launched the first Game Vision app, featuring 9-time All-Star Chris Paul, on March 3, 2016. The company’s proprietary technology enables it to develop software product solutions intended to enhance the image processing abilities of the brain and therefore improve a person’s vision sharpness and vision performance. GlassesOff’s unique software approach provides an alternative to existing solutions, which generally rely on magnifying devices, typically reading glasses. The company’s technology platform is based on advanced scientific research of image processing functionality, and its solution utilizes the remarkable ability of the brain’s plasticity (the brain’s ability to change), which constitutes the neuronal basis for perceptual learning that is, repeated practice on a demanding visual task. The GlassesOff application is delivered through cloud-based client server architecture to mobile devices and is implemented Apple iOS platform (iPhone, iPod, iPad) and Android platform. GlassesOff is a personalized application that monitors user performance and progress. The GlassesOff application is composed of two components, such as basic program and ongoing care. Basic Program –At the beginning of the program, users commence with an evaluation of their near vision processing capabilities. Those who come within the range of persons expected to benefit from GlassesOff, based on such evaluation, are expected by the end of the program to achieve image processing capabilities that would help them eliminate their dependency on magnifying devices, such as reading glasses. Ongoing Care – following the Basic Program, users are encouraged to complete between 2 to 6 (as needed), 12-minute training sessions per month, intended to maintain the improvement they achieved in their reading performance. The Game Vision Application For those persons who want to improve their sports performance, Game Vision is designed to exercise the visual cortex of the brain and achieve improvement in vision parameters correlated with vision processing speed. The Game Vision application is delivered through cloud-based client server architecture to mobile devices and launched March 3, 2016 on both Apple iOS platform (iPhone, iPod, iPad) and Android platform. Game Vision is personalized because it monitors an individual user’s performance and progress. Server Security: The company’s Web services on AWS have gone through a hardening process to enhance their security according to known practices, and all algorithm and data servers are isolated from the Internet. The company plans to expand its product offerings to include additional suites of applications that would cater to other market segments related to enhancement of visual processing. Specifically, the company intends to develop additional applications for diagnostic solutions for children and adults with attention deficit disorder; diagnostic solutions for dyslexic children and adults; improvement of reading abilities for dyslexic children and adults; and improvement of reading speed for children and adults. Sales and Marketing The company offers GlassesOff and Chris Paul’s Game Vision apps directly to end users via Apple’s App Store and the Google Play market. Its primary target market for GlassesOff consists of people between the ages of 40 and 60. Research and Development As of December 31, 2015, the company incurred research and development expenses in the aggregate of $2,209,000. Intellectual Property The company has filed several patent applications to protect its core technology platform and products. It has issued patents protecting its core technology platform and products in the United States (US 7,866,817), Australia (AU 2005278771), Korea (KO 10-1016429), Japan (JP 5222556), Canada (CA 2578932), China (CN ZL200580038206.2) and Israel (IL 181660). The company’s pending patent applications are still in different evaluation phases in Europe and India. The company has also filed a patent application for its vision evaluation method, which was issued by the United States Patent and Trademark Office (US 8,403,485). In addition to its patent portfolio, the company has an intellectual property license agreement with Talshir Medical Technologies, Ltd (Tashir, which purchased this IP from RevitalVision LLC), which is the owner of several patents in the area of perceptual learning systems and methods. Under this agreement, referred to as the License Agreement, the company has a non-exclusive license to certain patents for the field of near-vision solutions. Competition The company competes with Carrot Neurotechnology, Inc. History The company was founded in 2007. It was formerly known as GlassesOff Inc. and changed its name to InnoVision Labs, Inc. in 2015.