SAN JOSE, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) -- EyeWay Vision Ltd., an Israeli company developing a wearable augmented reality (AR) platform, today announced the formation of subsidiary company EyeWay Vision Inc. (“EVI”) in Silicon Valley, with Google exec and renowned AR/VR expert Dr. Nikhil Balram as CEO. Located in San Jose, EVI will focus on bringing to market products based on advanced immersive AR technology developed by EyeWay over the past six years. The market for virtual and augmented reality is forecast to reach more than $67 billion globally by 2024, according to AR/VR analyst firm Digi-Capital.
“EyeWay has spent the last six years developing deep AR technology, and Dr. Balram has the strong product vision and business experience to bring to market products based on our strong technology,” said Rani Cohen, co-founder and CEO of EyeWay Vision Ltd. “EyeWay’s truly immersive AR experience is based on its unique approach of eye tracking, direct retinal projection, and foveated projection which yields super-bright images even outdoors, with an ultra-wide perceived Field of View. Dr. Balram’s expertise in bringing complex high-quality display products to market will be invaluable to realizing a much-anticipated immersive AR experience.”
Combining market-oriented technology development with go-to-market experience, Dr. Balram will head a team focusing on enabling new forms of immersive entertainment, digital learning, e-commerce and other enterprise applications. Dr. Balram joins EyeWay Vision from Google, where he was in charge of developing displays for all consumer products. An experienced technology executive, Dr. Balram’s previous positions include CEO at Ricoh Innovations, VP & GM at Marvell, and CTO of National Semiconductor’s Display Group.
With over 25 years of experience, Dr. Balram is widely recognized throughout the industry and academia as an expert and innovator in advanced information and display technologies. Dr. Balram has also won numerous awards including the Otto Schade Prize from the Society for Information Display (SID), an Industrial Distinguished Leader Award from APSIPA (Asia-Pacific Signal and Information Processing Association), and a Gold Stevie Award for Executive of the Year in the Electronics category.
“I am very passionate about AR, and have long believed it is the next big mobile platform. I became convinced that EyeWay Vision’s AR technology approach is the right one, and am excited to realize my vision of future products built with their deep technology,” stated Dr. Balram. “Silicon Valley is a natural fit for EyeWay Vision’s presence in the US, putting us close to strategic partners, investors and industry talent.”
Dr. Balram is also an adjunct professor of electrical and computer engineering at Carnegie Mellon University, a guest professor of design and innovation at the Indian Institute of Technology (IIT) in Gandhinagar, India, and a former visiting professor of vision science at the University of California, Berkeley. He received his B.S., M.S. and Ph.D. in electrical engineering from Carnegie Mellon University.
“Dr. Balram is a highly regarded technology executive who has been responsible for many successful innovations in the consumer display market,” stated Dr. Achin Bhowmik, President-elect of the Society for Information Display (SID). “I have been very impressed with EyeWay Vision’s cutting-edge technology, and believe Dr. Balram has the expertise to bring it to market.”
Chris Chinnock, CEO of display technology research firm Insight Media, added, “The AR market has great potential in both the enterprise and consumer spaces, in entertainment as well as improving job performance. Dr. Balram has been a pioneer in enabling the large successful high-definition display market. When combined with EyeWay’s unique immersive technology, his business and technical expertise could play a key role in the emerging AR market.”
About EyeWay Vision
EyeWay Vision develops innovative wearable augmented reality systems that provide a truly immersive experience on the go. EyeWay Vision Ltd. was established in 2014 in Israel, and is backed by strategic investors including Samsung Next, Verizon Ventures, Horizons Ventures, ICONIQ Capital, and OurCrowd. EyeWay’s proprietary technology is protected by 17 patents published or pending. To learn more about EyeWay Vision, visit http://eyeway-vision.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/185b7893-4948-495b-ab38-75b7b62391f7