Binovi Technologies Corp (CVE:VISN) (OTCMKTS:BNVIF) (FRA:2EYA) is seeing increased demand for its neuro-vision technology products, it told shareholders.
The Toronto-based firm raised a combined $3.1 million during its third-quarter through private placements with strategic investors.
Since its launch, Binovi has registered more than 800 organizations that use the platform for vision therapy or sports vision performance. According to Binovi, the organizations have created nearly 31,000 users that combined, have completed over 400,000 active sessions on the platform.
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During the three-month period ended November 30, 2020, Binovi finalized the acquisition of the VIMA Rev Strobe Lenses and announced its strategic expansion into the K-12 education space. In addition, the firm established the Binovi Connect app, which is a Software-as-a-Service solution designed for vision optimization.
“(3Q) was a quarter of outperformance across our key financial metrics, as 2020 continued to be a transformational year for Binovi Technologies,” CEO Adam Cegielski told shareholders in a statement.
Cegielski attributed much of the company’s growth to the fulfillment of its acquisition strategy, remote education and client care products, as well as the anticipated launch of a direct-to-consumer telehealth SaaS. The moves generated “strong organic growth” and an increasing subscription, according to the CEO.
“The close of our recent private placement tranches will enable us to scale many of our planned campaigns where we have proven and very attractive unit economics,” Cegielski added.
Investments in telehealth
Executive chairman Terry Booth told investors that the company believes it will establish its reputation as a major competitor in the telehealth space.
“While we are seeing strong growth across the business, it is important to recognize that we are making big investments in our people and infrastructure that are essential to support the significant growth that lies ahead,” Booth said. “This includes big investments in our telehealth SaaS, our provider network, and personnel are critical as we scale the business.”
Separately, Binovi said it plans to amend the exercise price of around 7.8 million warrants issued under a June 9, 2020 offering to C$0.155.
Contact Angela at angela@proactiveinvestors.com
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