Binovi Technologies is harnessing technology to enhance human performance

• 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:

In February, Binovi announced that it has expanded its global reseller network with a partnership with France’s Sport-Orthèse, activating its country-specific scalable business model. The group said the move demonstrates the company’s ongoing efforts to optimize its revenue opportunities within its global strategy.

In addition to this new connection to the EU, Binovi said it will continue to work with existing distribution partner Bernell Corporation in the United States.

Earlier, the company announced a strategic partnership with STEM Sports, with the goal of contributing to a Binovi Connect-enabled curriculum to its K-8 school grade programs. STEM Sports provides a turnkey supplemental curriculum that uses sports as the real-life application to drive STEM-based learning in classrooms, after-school programs and camps.

Meanwhile, in late 2020 Binovi struck a deal to acquire private firm VERA (Visual Efficiency Rating), and its patents, intellectual property, and inventory, to expand Binovi’s vision technology stack as it executes on its global commercialization strategy. Binovi said it will pay C$3.4 million for VERA in an all-stock transaction at a price of C$0.25 per Binovi share.   

Developed for eye doctors, educators, and school nurses, VERA offers a simple and validated national standard for school vision screening that goes beyond visual acuity or eyesight. It identifies students with vision difficulties related to classroom and independent learning, such as focusing issues, eye-teaming and eye-tracking problems, and provides a clear point of referral to a vision professional.

At about the same time, Binovi revealed its latest telehealth innovation, Binovi Connect, which is a web-based video conferencing solution that connects consumers to vision care professionals focused on concussions, reading skills, and athletic enhancement.

In addition, the company said it will partner with the Babe Ruth League, a one million-plus member US youth baseball and softball organization, to provide sport vision training to its athletes. Binovi will provide the Babe Ruth League with vision screening, therapeutic and performance products and services designed to increase awareness of, and treat vision-related deficiencies, which represents Binovi’s continued focus on sports at the amateur/youth and professional levels.

On the financial front, Binovi Technologies said it raised a combined $3.1 million during its third-quarter 2020 through private placements with strategic investors. 

Inflection points:

• Near-term revenue potential with classroom platform rollout     
• Further product development
• Additional IP portfolio M&A activity  

What the boss says:

Commenting on the company’s VERA acquisition, Binovi Technologies CEO Adam Cegielski said in a statement: “We’re cornering the market on what’s available and possible with remote vision screening technology, and bringing a proven, scalable solution to our users and future users through Binovi.”

“By baselining and screening potential patients and clients early, quickly, and easily, we’re able to help those people seek the vision care that they may unknowingly need, one of Binovi’s longstanding foundational goals,” he added.

Contact Sean at [email protected]

Story by ProactiveInvestors