In this notoriously challenging financing environment, companies often need the trifecta of validated technology, an experienced management team and early-stage financing in order to make the leap to a large-scale venture raise.
And it helps if the technology makes a real impact.
MaRS client eSight Corp is one company with the whole package. Before recently receiving $950,000 in funding from FedDev Ontario’s Investing in Business Innovation (IBI), eSight was able to attract up to $3.4 million in angel investment from members of Boston Harbor Angels, Capital Angel Network, Golden Triangle Angelnet, Angel One Investor Network and the Investment Accelerator Fund (IAF). eSight is in a good position to continue honing its prototype in preparation for launch.
If you know someone with low vision, this is a company you’ll want to learn more about. eSight’s technology maximizes the wearers’ remaining eyesight, enabling individuals challenged by degenerative eye diseases to see their family members and fully participate in activities that they love.
The validated technology
eSight Eyewear, the company’s flagship product, is a new class of wearable, electronic assistive technology for people with low vision. Through developing and commercializing this technology, eSight aims to help people with low vision participate more fully in all aspects of life and restore their independence. eSight Eyewear uses high-resolution video components and sophisticated processing to enhance images—these are really the most technologically advanced glasses you’ll ever try on!
The management team
Led by experienced entrepreneurs Conrad Lewis, founder, and Kevin Rankin, president and CEO, eSight Corp is leveraging established networks and expertise from across its investors and the Ontario Network of Excellence to fuel growth internationally.
The early support
Before closing their latest venture raise, eSight had secured support from BAP and angel investors.
Working with MaRS and Invest Ottawa since 2011, eSight has presented at a MaRS Angel Event and worked closely with the advisory team. MaRS practice lead Sonia Sanhueza advised eSight on business development strategy, helping the company to obtain BAP funding, which supported the hiring of a business development expert.
“eSight has developed rapidly and has a visionary executive team that is taking the venture to a new level, enabling access to this great technology for those with low vision,” says Sonia.
The MaRS life sciences and healthcare practice connects entrepreneurs to appropriate resources that will accelerate company growth, typically within three critical areas: propelling a greater number of companies to achieve strength in the quality of their technology, management and early-stage support will lead to greater success for the ecosystem overall.
eSight is not the only one…
MaRS clients have been hitting home runs across the board this quarter.