Binovi Technologies is harnessing technology to enhance human performance

Large addressable market for the company’s vision performance technology Recently acquired computer-aided vision therapy and vision screening software 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 is it doing: Over the last few months, Binovi has set itself up for the future with a series of acquisitions and partnerships.  On May 3, 2021, the company announced the acquisition of Samurai Motion Tracking Software and thereby its computer-aided vision therapy (CAVT) technology.  CAVT is an extensive software package for developing eye tracking skills, visual thinking and processing skills, as well as binocular vision skills. Integration of CAVT with the Binovi Connect app and the company's screening tool, VERA (Visual Efficiency Rating), will create a unique end-to-end platform to help diagnose and train K-12 students with visual issues beyond acuity that have been shown to impact their reading ability, Binovi said.  VERA also came to the company by way of an acquisition in late 2020. 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. In February 2021, Binovi announced that it had 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. On the financial front, Binovi Technologies said in May that it saw 24% revenue growth year-over-year in the first quarter of 2021. Also, with roughly 80% of Binovi's revenue coming from the US, the availability of grants in the country and the sheer size of the market, the company said it has decided to establish operations in the US. The plan is to incorporate a wholly-owned subsidiary in Missouri, the company said. Inflection points: Deployment of Binovi Touch Elite, an updated version of the flagship product Establishment of US operations Possible additional IP portfolio M&A activity   What the boss says: In the business update issued by Binovi on May 6, CEO Adam Cegielski said, "I am very proud of our team's ability to deliver continued growth despite the heavy impact of COVID-19. Especially encouraging is the substantial pipeline of new opportunities we are building, as well as the growing market awareness of non-acuity-related vision issues, which we see reflected in increased organic demand for our solutions." "We continue to work on various initiatives in the sports, education, and vision therapy market segments, and believe that Binovi is exceptionally well-positioned to capitalize on the numerous opportunities we have identified across these markets," he added. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel