- Large addressable market for the company’s technology
- Recently acquired VIMA Rev Strobe Lenses IP and patents
- A prominent executive chairman in Terry Booth
What Binovi Technologies does:
Binovi Technologies Corp (CVE:VISN) (OTCQB:BNVIF), formerly Eyecarrot Innovations, is all about using technology to enhance human performance, employing its neuro-visual performance platform to test, analyze, track, and report on individual cognitive results. The company’s platform is currently used in over 1,500 locations in more than 20 countries.
The Binovi Platform combines software (Binovi Pro + Binovi Coach), hardware (Binovi Touch), data, expert knowledge (Binovi Academy), delivering customized, one-on-one training and learning protocols to help patients, K-12 students, and athletes on a global scale.
The Toronto-based company says it provides measurable vision-therapy results in less time, and with less effort. The Binovi neurotechnology platform tests for functional vision issues that cannot be detected by standard eye tests.
Utilising in-office and home-based activity protocols, the innovative Binovi platform helps optometric practices gain greater results, faster, with improved patient satisfaction in areas ranging from sports performance to binocular vision abnormalities.
Binovi’s board is headed by Executive Chairman Terry Booth, who joined the company on May 21, 2020. Canadian cannabis investors should be familiar with Booth as he co-founded Aurora Cannabis, which at one time was one of the largest cannabis companies in Canada.
Adam Cegielski is the company’s founder and has been its CEO since 2012.
There is a large addressable market for Binovi’s technology, one in four people worldwide live with issues related to their vision that go beyond visual acuity, according to the company. Education technology alone is a market that is projected to grow at 11% per year, reaching US$341 billion by 2025 according to HolonIQ.
How it is doing:
It's been a busy spell for the company which recently announced plans to bring its vision therapy technology platform to North American classrooms, entering the K-12 education space. Students will use Binovi’s technology-driven vision training protocols to develop and strengthen literacy skills from pre-kindergarten to Grade 12 as part of the Toronto- and New York-based firm’s ‘Global and Noble’ initiative.
The company said it hopes to penetrate the nearly 145,000 schools across North America with its product offering, estimating that revenue per school would be approximately $50,000 to $100,000 based on a licensing product structure.
Binovi also rvealed that three-time Olympic ice hockey gold medalist and five-time IHF World Champion Jennifer Botterill has joined the company as a brand ambassador and a member of the Binovi performance advisory board. Botterill is expected to promote resources within the Binovi product platform that are advantageous to sports performance users, explaining the benefits of Binovi to hockey teams and organizations, such as current Binovi users the Dallas Stars and Eli Wilson Goaltending.
During the next 12 months, the company plans to expand its sports offering through hardware development extension acquisitions, launch its education offering with its Early Education Screen and Training to transform early reading potential in addition to rolling out the Binovi Platform to K-12 students, and expand its IP portfolio through acquisitions as well as continuing to develop its IP for the next versions of the company’s technology.
To that end, Binovi has acquired patents and intellectual property behind the VIMA Rev Strobe Lenses, which enhances sensory skills by removing milliseconds of visual information, forcing the brain to work with less visual information stimulating hyper-efficient decision making and reaction. The acquisition provides Binovi with access to numerous professional sports teams as well as some elite US military units.
On October 6 this year, Binovi closed a $1.7 million equity financing at a price of $0.1275 per unit. It also closed an additional $2.05 million equity raise on November 17 at the same price per unit.
- Near-term revenue potential with classroom platform rollout
- Further product development
- Additional IP portfolio M&A activity
What the boss says:
"Research has proven that binocular vision problems can interfere with a student's ability to read. In fact, 80% of children diagnosed with a learning disability meet the criteria for visual accommodation and vergence problems. Knowing this, our Binovi Platform has been designed to provide early-intervention vision therapy activities to increase reading abilities by grade three, which is the strongest predictor of high school completion and other positive life outcomes," Binovi Executive Chairman Terry Booth said recently.
"If we can integrate our Binovi Platform into the school system and have it accessible to all children as early as kindergarten, the impact of being able to detect and remediate early vision deficits, that are impeding children’s ability to read successfully by grade 3, could be a game changer."
Contact Sean at [email protected]