Smart Glasses Maker Vuzix Raises $24M From Intel

    By | Small Business

    Smart Glasses Maker Vuzix Raises $24M From Intel image Vuzix

    When Google released its smartglasses product, Google Glass, in 2014, it was predicted that the product would sell over 800,000 units, according to a report from BI Intelligence. However, that actual number, which has not been officially released by Google, is likely around the range of 250,000 units.

    According to some, Google could be marketing Google Glass to the business market instead of the consumer market instead.

    Even though Google Glass did not sell as much as they expected, there are still companies who see smart glasses as a viable business opportunity. One particular company is Vuzix.

    Vuzix, founded in 1997, is a supplier of video eyewear in commercial, consumer, and the entertainment markets. Its product line consists of video, augmented reality, and virtual reality glasses.

    On Friday, January 1, 2015, smartglasses maker Vuzix received a $24.8 million investment from Intel Corporation. The reason behind this investment is to “accelerate the introduction of Vuzix next generation fashion-based wearable display products into the consumer market.”

    Intel had purchased 49,626 of Vuzix’ Series A Preferred Stock, which can be converted into 4,962,600 shares of Vuzix’ common stock. Intel will own 30% of Vuzix.

    Intel Corporation considers the smartglasses maker, Vuzix to be the most recent investment in the wearables spaces. This could be because the company is using this investment to rectify the error of not being able to quickly adopt its microchips for mobile technology. Intel plans to invests early and quite often into smartglasses and wearables as the next phase in order not to be left behind again.

    Intel had also placed its processors into Google Glass but the company is more involved in the smartglasses investments. Intel has also collaborated with Italian eyewear brand Luxottica in December to “fuse premium, luxury and sports eyewear with smart technology.” Intel is also developing wearable devices with retailer Fossil Group and fashion brand Opening Ceremony.

    This article was syndicated from Business 2 Community: Smart Glasses Maker Vuzix Raises $24M From Intel

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