Eyedaptic

Google, Apple, Facebook, Microsoft — they’re all betting big on Augmented Reality (AR) technology. Specifically, they’re all betting on AR’s use in cutting-edge “smart” glasses.

Each of these tech giants is developing smart glasses. For the most part, their devices will be used for entertainment purposes.

But glasses equipped with AR technology can also be used for other purposes — including helping the 400 million people worldwide who suffer from vision impairments. And the leader in this application is an early-stage startup called Eyedaptic.

Eyedaptic is using AR technology to create a line of glasses that simulate natural vision. Equipped with proprietary software which uses image enhancement, pixel remapping, and machine learning, this company’s glasses improve vision, and are the only AR glasses on the market offering enhancements to more than 40 degrees field-of-view.

Eyedaptic has been granted two patents for its products, and has 12 patents pending. It’s received investments from notable angel investors including Tech Coast Angels, Band of Angels, and New York Angels.

Most recently, the company partnered with Vispero, a leader in low-vision aids and assistive technologies, and is beginning work on its two newest products.

As mentioned, Eyedaptic’s glasses are aimed to assist those with vision problems. Around 400 million people worldwide suffer from various retinal diseases, and nearly half of that group suffers from Age-Related Macular Degeneration, or AMD.

AMD affects a person’s central vision — the fine, detailed segment that’s used for reading or using a computer. AMD is the leading cause of vision loss for people over 60 and affects more than 15 million Americans. There is no cure for AMD. And even drugs available today only slow the disease’s progression.

Eyedaptic CEO Jay Cormier started the company after his grandmother started losing her vision. Having experience working with AR, he began to consider whether the technology could provide a solution to AMD. So he and his partner sought the help of two ophthalmologists and retina specialists. This led to the creation of Eyedaptic.

The company’s glasses are equipped with proprietary software that uses machine learning algorithms to provide enhanced vision and a natural viewing experience.

The algorithms constantly perform double duty. First, they analyze images and monitor the embedded motion sensor data to infer the user’s focus of attention. At the same time, they enhance images to help the user see the real world more clearly and optimize their peripheral vision.

Eyedaptic created the initial prototype of its EYE1 glasses in 2017. A year later, it entered into a clinical study, in which participants experienced 5x improvement in task completion rates when using the glasses.

Following the study and a beta product release, Eyedaptic launched EYE1 in late 2019. It soon followed with its partnership with Vispero, and then captured numerous awards. These included winning the 2020 Vision Tank Startup Competition, being named a 2020 Orange County High Tech Award Finalist and a 2020 SXSW Pitch Finalist, and a nominee for Orange County Business Journal’s Top Innovators of the Year.

More recently, Eyedaptic launched the second version of its glasses, and is getting ready to launch two new products.

First is the EYE3, the company’s premier model, which will feature the highest field of vision of any AR visual aid on the market. Second is the EYE4, which will serve as the company’s “value” model and be priced below the EYE2. EYE3 is in beta testing and EYE4 is in user benchmarking procedures with planned launches in late 2021.

Currently, Eyedaptic sells its glasses through low vision specialists and a network of distributors. The glasses are sold to consumers for an average price between $3,000 and $6,000 (in line with the price of hearing aids). Eyedaptic aims to offer its EYE4 model with a monthly subscription option.

Under its current business model, Eyedaptic’s Cost of Goods Sold is between $500 and $1,500 per pair of glasses. It achieves a margin between 50% and 70%, while the retailers earn margins between 20% and 30%.

Current marketing channels include direct-to-consumer advertising and referrals from local doctors. In the future, the company will aim to develop its own direct-to-consumer model.

Team Background

Brian Kim - Co-Founder & Medical Advisor

Brian is a board-certified ophthalmologist at Harvard Eye Associates. He specializes in the clinical treatment of retinal and macular diseases.

He earned his Bachelor’s degree in Mechanical Engineering from Columbia University and began his career as a database programmer with Accenture, a professional services company. While there, he worked in the company’s pharmaceutical and biotechnology division.

He went on to earn his Medical degree from Pennsylvania State University, and completed a fellowship in Medical Retina at the Bascom Palmer Eye Institute in Florida.

Mitul Mehta - Co-Founder & Chief Medical Officer

Mitul is a board-certified ophthalmologist with training in medical and surgical diseases of the retina.

In addition to his role with Eyedaptic, he’s spent the past seven years as an associate professor at the University of California, Irvine. Before that, he worked at the New York Eye and Ear Infirmary of Mount Sinai Hospital.

Earlier, he was an ophthalmology resident at the University of Cincinnati. He is the co-founder of the online America Retina Forum and the editor of the retina section of the surgical education website, CSurgeries.com.

Mitul earned a Bachelor’s degree in Management from MIT, a Master’s degree in Physiology from Georgetown University, and an M.D. from the University of Southern California.

Dave Watola - Co-Founder & CTO

After earning his Bachelor’s degree and Master’s degree in Electrical Engineering from Washington State University, Dave began his career at the Caltech/NASA Jet Propulsion Laboratory. While there, he became an expert with statistical pattern recognition systems and machine learning algorithms.

From there, he co-founded Pivotal Technologies, a technology company focused on Bluetooth technology. This company was acquired by Broadcom, a semiconductor manufacturing company.

More recently, Dave worked for Solarflare Communications, a technology company, where he applied image processing and machine learning to software solutions.

Jay Cormier - Co-Founder & CEO

Jay is an experienced technology executive and has a track record of growing companies. He's completed several successful “exits” totaling more than $750 million.

He began his career with Analog Devices, a semiconductors company. While there, he worked as a product line director and helped double company revenues to $200 million. From there, he was Senior Vice President at Mindspeed, another semiconductor company that was acquired.

After that, he was Vice President of Optical Communications with Sierra Monolothics, a semiconductor company that was acquired by Semtech, a larger competitor. He then was Vice President of Energy Measurement with Teridian, another semiconductor company. This one was acquired by Maxim Integrated, a technology company.

Jay earned a degree in Analog Electronics from Worcester Polytechnic Institute and an MBA from Northeastern University.

Co-Investors