Damon Capital Corp, a Canadian capital pool company, has agreed to combine with eSight.
eSight, which helps the legally blind to see, will be achieving a public listing via reverse takeover (RTO). The company will complete a brokered private placement offering that raises a minimum of $20 million. Currently, eSight is backed by iGan Partners, MaRs Investment Accelerator Fund, and angel investors. While originally based in Ottawa, eSight now operates mostly out of Toronto.
Since its commercial launch in late 2013, eSight has sold over 300 eSight units, mostly in Canada and the United States. The company believes that the US$250 million low vision assistive devices sub-sector is ripe for disruption and faster growth as there has been little innovation in decades.
Last year, the company generated $1.2 million in revenue.