eSight Secures $10 Million Debt Financing to Advance Vision-Assistive Eyewear for the Visually Impaired

On May 31, 2019, VCBeat (WeChat Official Account: vcbeat) learned that eSight had completed a $10 million debt financing round. The funds will be used for technology development and the company’s global expansion. This round was led by iGan Partners, with participation from MaRS Investment Accelerator Fund.

eSight, founded in 2006 and headquartered in Ottawa, Ontario, Canada, is a global leader in developing eyewear products for individuals with visual impairments. The company first launched its eSight product in 2015. By 2017, the eSight lineup had evolved to its third generation. Since the release of eSight 3, the company has experienced significant business growth; reportedly, the device has been sold in 45 countries, and its customer base has expanded fivefold. In 2017, due to reduced production costs, the company lowered the price of eSight by 40%.

eSight’s Vision: Helping People Understand and Change the World. eSight’s cutting-edge product, eSight3, is designed to restore or enhance vision for individuals with vision loss, enabling those with low vision to see the world in a manner nearly identical to that of people with normal sight. eSight3 can be used by patients with conditions such as diabetic retinopathy, cataracts, retinopathy of prematurity (ROP), glaucoma, retinal detachment, and nystagmus.

Doctors and healthcare professionals believe that eSight significantly improves vision for individuals with vision loss, thereby enhancing their quality of life. Clinical evidence has also demonstrated that this product can improve visual acuity in patients with visual impairments. eSight is registered with the U.S. Food and Drug Administration (FDA) and the European Database on Medical Devices (EUDAMED), and is currently undergoing review by Health Canada.

Recently, eSight appointed Kevin Banderk as Chief Executive Officer, Charles Lim as Chief Technology Officer, and Gregory Ogorek as Chief Technology Officer and President. Dr. Brian Mech, the former CEO of eSight, will remain with the company as Chief Scientist, where he will lead the team in actively developing products and technologies.

Banderk said, “I am delighted to join eSight, where we will actively drive technological transformation on a global scale. I am excited to leverage my entrepreneurial background and leadership experience to support eSight’s next phase of growth.” Lim is a visionary technologist who has led outstanding teams at organizations such as NASA and IMAX. Ogorek brings more than 25 years of experience in sales and operations.

iGan Partners, founded in 2011, is a Toronto-based medical technology venture capital firm. The company has extensive investment experience in medical devices, health IT, and SaaS.

The MaRS Investment Accelerator Fund, established on August 27, 2007, is a Toronto-based seed-stage investment fund. The fund invests up to $100 million in sectors such as IT, health, and clean technology. With extensive investment experience, the fund makes 10–12 investments annually.

(Compiled by Song Chenchen)