Nanoveu Ltd (ASX:NVU) has completed a “revolutionary” advanced prototype of its EyeFyx product, which is designed to correct farsightedness for people using digital devices without the need for glasses.
The company has filed patents in Singapore for the product and will demonstrate it at the upcoming LUX Photonics Consortium online conference on November 20.
Shares surge 123%
Investors welcomed the news with shares surging as much as 123% intra-day to 10 cents.
The prototype consists of a physical cover applied to a 14-inch laptop display and a software application that adjusts screen output for different prescriptions.
It is capable of manipulating images on a screen in real-time up to a refresh rate of 60 frames per second with only minor loss of screen resolution.
“Potential to be life-changing”
Nanoveu executive chairman and CEO Alfred Chong said EyeFyx had the potential to be life-changing for people with farsightedness.
“The completion of a large-scale prototype capable of transforming the display in real-time is a fantastic result for Nanoveu and is truly an example of our world-leading technology,” he said.
“The product is revolutionary and has major potential to disrupt the digital display industry, creating a new market of products specifically for people suffering farsightedness.
“We have taken the prudent step of filing patents to protect the technology and we are determined to continue developing the product towards commercialisation.”
How the technology works.
Advanced scale and technological capability
Chong said Nanoveu was also focusing on initial discussions with digital display manufacturers about the possibility of a monitor with built-in EyeFyx technology, potentially unlocking further revenue for Nanoveu as an original equipment manufacturer (OEM).
The latest prototype has greatly advanced scale and technological capability, reflecting advancements made by Nanoveu’s research and development team as well as researchers as top Singapore university, Nanyang Technological University (NTU).
Production is expected to begin in the second half of 2021 and is predicted to be particularly relevant for the bifocal glasses market, as the product potentially eliminates the need for the additional, smaller lens when using glasses with a digital device.
Patent applications
The patent applications cover the software and hardware, protecting Nanoveu’s intellectual property including real-time image generation and one-lens-fits-all display screens.
The company conducted a review of existing patents and found 10 in the same field, but it is confident “none of these filings are of a similar nature to EyeFyx, affirming the market-leading potential of the product”.