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Eyecarrot Innovations Corp (TSXV:EYC) is a technology company focused on disrupting the status quo by revolutionizing the treatment and enhancement of Oculomotor Sensory (OMS) system performance.
The human OMS system is the functional ability of the brain to process information gathered through the eyes and the body to form one complete and accurate interpretation of the external environment. The company’s industry-changing BinoviTM platform combines decades of research, education and clinical practice by industry pioneers to deliver solutions for both vision care professionals and patients struggling with OMS system impairments. Over time, Eyecarrot plans to use its platform, network of world-class experts and data to elevate human vision performance and eradicate the limitations of OMS issues globally.
“Our Binovi platform uses proven mobile and cloud-based technology to streamline the treatment of vision performance issues that play a part in the lives of most humans on the planet,” stated Adam Cegielski, Eyecarrot Founder and CEO. “We’re building a system that better equips vision care professionals to treat patients around the world. We are all motivated to make our solution accessible and help make rehabilitation easier, personal and more effective for patients, regardless of where they are.”
In May 2015, Eyecarrot acquired patents and intellectual property from Dr. Selwyn Super, now the company’s Chief Scientific Director, to measure, exercise and enhance the performance of the oculomotor sensory system. The following month, the company acquired Wayne Engineering, the pioneer in the development of vision training products. Wayne Engineering’s Saccadic Fixator, the globally-recognized industry standard for testing, evaluating, and developing accurate and rapid eye-hand coordination, spatial integration, and reaction times, is a tool used by more than 4,000 vision care practitioners in 22 countries for sensory motor training of children with learning issues, individuals with traumatic brain injuries (concussions) and for the enhancement of professional athletes’ vision performance. Eyecarrot’s team of scientists and engineers is re-engineering the Saccadic Fixator for integration with the Binovi platform and plans to launch the new Binovi Saccadic Fixator in late 2016.
The Binovi platform will provide vision care professionals around the world with the potential to connect to a network of world-class experts and with all of the patients that need their help. “Eyecarrot’s goal is to bring vision rehabilitation into the 21st century by building a platform that will allow any doctor or clinic in any part of the world to connect with vision care experts,” stated Cegielski. The company expects the Binovi platform to hit the marketplace in several languages by November 2016.
- BinoviTM platform positions Eyecarrot as the first-mover in this market having secured exclusive rights to the world’s leading vision therapy educators to produce instructional videos for its industry-first mobile platform.
- Focused on three markets (of six identified): early education, sports performance (including concussions and other traumatic brain injuries), and longevity.
- Scalable, cloud-based interface allows for quick and easy deployment.
- Securing intellectual property rights for data capture through screening methods; applied for patent protection on acquired devices and technology.
- Cash flow expected by late 2016/early 2017 from software launch in several languages in November 2016. Plans for the commercial release of the Binovi Saccadic Fixator in early 2017.
- Shareholders include a strong core of partners who have helped to build and execute the company’s vision as well as professional athletes with excellent contact networks.
- Leveraging shareholder contacts to facilitate agreements for the technology with major sports leagues including the NHL, MLB, NBA, and EPL.
- Management and Board of Directors include well-respected, top-tier vision scientist and doctors including Dr. Selwyn Super, Dr. John Flannagan, and Dr. Patrick Quaid.
- Winner of prestigious industry awards, including Best in Show at Cantech 2016 and MEDy Awards finalist at Exponential Medicine 2015.
- Strategic partnership with Microsoft valued at $500,000 in services, software and support via their BizSpark Plus program.
“Vision is regarded as the human being’s dominant sense through which more is directed and learned than from any other sense” – Dr. Selwyn Super, Chief Scientific Director, Eyecarrot
Vision impairment is much more than refractory errors that lead to nearsightedness or astigmatism. Half of the twelve pairs of cranial nerves are directly or indirectly related to vision and are part of the brain’s Oculomotor Sensory (OMS) system.
“How well this [system] performs is dependent on its development and the coordination of literally billions of neural connections, and the intelligent way they are controlled,” explains Dr. Selwyn Super, the founding dean of the school of Optometry at the University of Johannesburg, Professor Emeritus at University of Southern California, and the Chief Scientific Director at Eyecarrot.
Today, one in four, or nearly 2 billion, people worldwide have varying degrees of impairment in their OMS system caused by factors such as developmental issues, illness, brain injuries, occupational hazards or aging of the human body. OMS impairments can derail a child’s learning, sideline a professional athlete or take away a senior’s ability to drive. “Most visual performance issues go untreated, or misdiagnosed and attended with medication or corrective aids like glasses or surgery,” adds Dr. Super.
More education about and access to effective, quality vision therapy is needed for the treatment of patients with OMS issues. Similar to physical therapy treatment, the goal of vision therapy is to improve lives through better coordination of eyes, brain, and body. However, the success rates of vision therapy treatments are directly influenced by how effectively vision care professionals can manage patient compliance with treatment, and how easily patients can conduct doctor-prescribed therapies at home.
Eyecarrot has created an industry-first solution with our mobile platform called BinoviTM (Binocular Vision). “We’re building a global, data-driven, expert therapeutic network that provides both vision care professionals and patients with the technology and tools to dramatically improve the identification and treatment of oculomotor sensory issues,” — Adam Cegielski, Founder and CEO.
Eyecarrot’s Binovi collaborative care mobile platform integrates software, hardware, data and most importantly, the expert knowledge of the world’s best vision care professionals. The Binovi platform empowers professionals to develop, manage and track personalized treatment plans for each patient.
Binovi Pro—an iPad cloud-based application designed for vision care professionals to streamline the design and management of personalized oculomotor treatment plans.
Binovi Coach—an IOS/Android application that allows patients to take ownership of their own treatment and progress via access to high-quality videos demonstrating doctor-prescribed oculomotor training activities from the comfort of their own home.
- Simple, intuitive drag-and-drop functionality.
- Encrypted instructional videos for customized treatment plans.
- Automated data capture.
- Full set of reporting tools and alerts to track patient progress.
- The ability for direct collaboration between vision-care teams and patients through secure in-app messaging.
- Automatic patient reminders to complete activities and for scheduled appointments
- Lead generation and referral engine for vision care professionals (coming soon)
- News feeds and informative articles related to vision therapy
Expert-led video instruction
A cornerstone of Eyecarrot’s Binovi platform is the extensive and growing library of instructional videos created with the help of leading experts in vision care and film production. These videos enable vision care specialists to build personalized treatment plans in Binovi Pro for each patient. Patients can then access those plans, including the expert-led videos, remotely on their smartphone or tablet via Binovi Coach.
Eyecarrot is currently in the post-production/editing phase for a series of videos featuring 80 of the most common activities prescribed for the treatment of OMS disorders. Completion of the series is expected in October 2016.
Network of experts
Eyecarrot has secured the first-to-market position as a mobile app company in the vision care space through its highly developed network of experts in the field. It’s now leveraging that network along with its embedded network of hardware (~2,000 devices used by ~4,000 professionals in over 22 countries) to connect vision care professionals, researchers, and patients into a global community with the goal of transforming how vision performance issues are diagnosed and treated.
Tracking and analyzing data to transform vision care
Eyecarrot’s Binovi platform allows for the collection, tracking and analyzing of data at the patient and clinical level. This capability is designed to help patients achieve successful rehabilitation and to help vision care specialists improve their practice. Eyecarrot also believes this data can serve an even greater purpose by transforming the way doctors treat vision performance issues and improve oculomotor system performance.
“Our application can track, quantify and measure the activities patients are performing at home and that data can be used to improve the quality of patient care,” explained Cegielski. “For example, if you’ve had a concussion, how much therapy does it take to recover? This data will help us build a knowledge bank that will be accessible to vision care professionals and researchers in the future.”
Total Addressable Market
One in four people in the United States struggle with Oculomotor Sensory system issues that go beyond the ability to see clearly. Eyecarrot has identified six markets for which the Binovi Platform provides a critical solution to help address vision performance issues.
- Education and Learning: ~7 million children with ADHD with ~50 percent on medication.
- Concussion and Traumatic Brain Injury: ~3 to 4 million per year.
- Sports Performance: Top 5 team sports played by ~75 million.
- Healthy Aging: ~36 million drivers over 65.
- Fitness: ~55 million gym members
- Specialty Medicine: ~1.2 million Strabismus surgeries per year. (Strabismus is a misalignment of the eyes, inward or outward when looking at an object. The disorder can be treated with vision therapy alone or in combination with surgery, which involved operating on the extraocular muscles. It is the third most common eye surgery in the US.)
Eyecarrot is working to address these attractive markets and sees huge potential for professionals to use the Binovi platform to engage patients and customers with Oculomotor Sensory activities.
Recent discussions regarding pre- and post-operative rehabilitative treatment for Strabismus surgery patients have been very encouraging for Eyecarrot.
“We believe our platform and technology should be used by all the large hospital networks across North America who are doing great surgical interventions but don’t have a platform to deploy cost-effective and time-saving rehabilitative therapy for those patients,” stated Cegielski. “Providing our patient-care solution to a large hospital network in America that prides itself on efficiency, a leading standard of care and high patient satisfaction would be a game-changing moment for the company.”
Partnership with Microsoft
In the spring of 2016, Eyecarrot announced a strategic partnership with Microsoft valued at $500,000 in services, software and support. “It’s great to see amazing companies like Microsoft really step up to support emerging companies, technologies and platforms like Eyecarrot,” said Cegielski, “We’re really proud to have been hand-selected to partner with them. It gives us unparalleled access to their Azure cloud services like machine learning and media, and allows us to leverage their relationships around the world. We have accelerated our product development by leveraging Microsoft’s infrastructure and we’re looking forward to continued support from them as we ramp-up our sales and marketing efforts.”
Eyecarrot is offering the Binovi platform to vision care clinics for a fee starting at $100 per patient for 12-months of access with an option to extend access via a monthly subscription. With a market size potential of 2 billion patients, 100,000 patient signups per year results in recurring revenue estimated at $10 million per year; 1 million patient sign-ups per year results in recurring revenue estimated at $100 million per year. This does not take into account any hardware sales, subscription revenues for access to enhanced capabilities, access to the expert network or the long-term value of the data.
Adam Cegielski, BSc —Founder and CEO
Adam Cegielski is a Biochemist by education and a serial entrepreneur with global experience in mineral exploration and technology. With a passion for science and mathematics, he has always enjoyed solving complex problems at their root. His journey to revolutionize vision science through technology and data began with his son’s oculomotor sensory challenges.
Dr. Selwyn Super, FAAO, B.Ed., M.Ed., PhD—Chief Scientific Director
Dr. Selwyn Super is a world-renowned educator, researcher and clinician, and Emeritus Professor of Optometry from the University of Johannesburg, and of Psychology from the University of Southern California. Dr. Super has practiced as a neuro-optometrist and neuropsychologist specializing in how vision relates to learning, general function, and behavior. He is a Post-doctoral fellow in Multivariate Neurocognitive Development and graduated cum laude in remedial education, and educational psychology with a masters’ dissertation: The Influence of a Readiness Program on the Perceptual Development of the First Grader, and a doctoral dissertation: Stereopsis and its Educational Significance.
Dr. Super was the founding Dean of Optometry at the University of Johannesburg, and is a diplomate in Pediatrics, Binocular Vision and Perception of the American Academy of Optometry, an Academic Fellow of the College of Optometry in Vision Development, and was an Associate Director of the Optometric Extension Program, and has also served as the curriculum director of the Neuro-Optometric Rehabilitation Association.
Dr. Super is the Editor in Chief of the Optometric Extension Program series on Neuro-Optometry and is on the advisory board of the McGraw-Hill Annual Editions on Aging. His broad academic and vast clinical background make him a world authority on binocular vision, vision- related learning problems, developmental delays and on the rehabilitation of patients with brain injury.
Dr. John G. Flanagan, OD, Ph.D., FAAO—Director
Dr. John Flanagan is currently Dean and Professor at the University of California Berkeley, School of Optometry and Founding Member of the Optometric Glaucoma Society. He has held faculty positions at the University of Waterloo and University of Toronto. Dr. Flanagan was recently invited to become a Life Fellow of the College of Optometrists, the leading optometric organization in the United Kingdom.
Dr. Patrick Quaid, Ph.D., MCOptom, FCOVD—Chief Scientific Officer (Binocular Vision)
Dr. Patrick Quaid was awarded his doctorate in vision science at the University of Waterloo School of Optometry (UWSO) in 2005. He is a qualified and very experienced clinician both in the area of glaucoma and binocular vision dysfunction, having practiced in the hospital environment, academic arena and also in the private practice setting both in the U.K. and in Canada. He is currently appointed as consultant optometrist at the University of Toronto Sports Medicine Clinic, and adjunct faculty (associate research professor) at the University of Waterloo School of Optometry. Dr. Quaid has published several papers on topics related to glaucoma and the challenging area of binocular vision dysfunction and how it relates to learning disabilities and in particular concussion injuries. He is CEO of the Guelph Vision Therapy Centre, which is the first clinic of its kind in Canada to integrate occupational therapy, psychology, speech and language pathology, and optometric vision therapy in an integrated manner. In addition to his Ph.D. and postdoctorate, Dr. Quaid is also U.S. board certified in rehabilitative vision therapy (FCOVD).
Dr. Sam Mithani, Ph.D.—Chief Technology Officer and Director
Dr. Sam Mithani graduated from University of Waterloo with a Ph.D. in Organic Chemistry and entered the pharmaceutical industry. Over the next eleven years he took on successively senior roles, including VP, Technical Services in the Fine Chemical Division at Apotex, gaining experience leading a large multi-disciplinary, multi-site team in a regulated environment, encompassing analytical services, quality control, instrument integration and validation, IT/IS infrastructure, security systems, as well as enterprise software engineering. Dr. Mithani left Apotex to follow his passion for mac and iOS development at Indusblue where he took a leading role in the development of a number of award-winning IOS apps. Over the next two years, Dr. Mithani led Freshbooks’ Android initiative and Triggerfox’s iOS team, prior to their acquisition by Influitive. More recently, as the CTO of a new startup with partners from Indusblue, he established a SaaS magazine platform and contract development services, specializing in Xamarin, Android and iOS development.
David Schmidt has extensive experience acting as a Director of several public companies. He has successfully built and financed various early concept projects through to significant funding events.
Sean Charland has extensive experience working with publicly held investment companies and has deep expertise with funding, investor relations, and global marketing strategies.