eSight Corporation

January 05, 2010 14:14 ET

eSight Closes $750k Financing Round

Investment facilitates completion of product development, and achievement of early revenues

WATERLOO, CANADA--(Marketwire - Jan. 5, 2010) - eSight Corporation, a developer of innovative wearable electronic vision devices, announced today that it has received a $750,000 investment from First Leaside Visions II Limited Partnership.

Resembling sunglasses, eSight's initial product, 'evSpex™', helps improve the quality of life of people challenged by inoperable, degenerative visual impairments. With knowledge of an individual's unique visual disability, evSpex modify a patient's reality in real time, maximizing the effectiveness of their remaining visual function, and enabling them to continue to enjoy their favourite day-to-day activities.

"The eSight team continues to be highly innovative. Their device will bring significant benefit to a very large and growing visually impaired population," said Doug Hyatt, Investment Manager of First Leaside's Vision II LP. "Based on the strength of the company's underlying technology, there is broad application in many other markets going forward. First Leaside is excited to contribute to eSight's success."

Funds from this investment will be used to complete the product development, expand the sales and marketing organization, and to support marketing activities in anticipation of 2010 product revenues. The company expects to raise additional expansion capital once the product is launched later this year.

"We are very pleased about First Leaside's investment in eSight," said Dan Mathers, Executive Chairman of eSight. "This is the latest in eSight's growing list of endorsements from partners and investors, including INO, The Ottawa Eye Institute, the Ontario Centres of Excellence Investment Accelerator Fund, MaRS Discovery District, the NRC Industrial Research Assistance Program and multiple angel investors. eSight's ability to raise funds in the current challenging capital markets is a testament to the strength of the company's vision and technology."

"The number of North Americans with low vision and age related eye diseases, including macular degeneration, will grow to over 50 million in the next ten years," says renowned ophthalmologist and retinal specialist, Sanjay Sharma MD. "eSight's stylish, configurable device will be embraced by low vision clinics as they look for innovative ways to help their patients get the most out of life." Adds, Dr. Sharma, a Professor of Ophthalmology and Epidemiology at Queen's University, "This device has the potential to significantly improve the quality of life of those with advanced visual loss from age-related macular degeneration, glaucoma and retinitis pigmentosa in a very meaningful way."

About eSight

eSight develops wearable video devices for people challenged by various degenerative eye diseases. Founded in 2006, the company leverages the latest semiconductor technology with sophisticated optics and proprietary image processing algorithms to optimize what remains of a person's visual function. eSight's first product, 'evSpex™', is the world's highest performance wearable display in an eyeglasses format. Visit www.esightcorp.com for more information.

About First Leaside

First Leaside Visions II LP is a registered Ontario Commercialization Investment Fund (OCIF). The program was established by the Ontario government to help provide seed capital to companies engaged in the commercialization of leading-edge research. First Leaside Visions II's unique structure provides investors with generous tax incentives, while enabling them to participate in the future growth of exciting new Ontario companies.