Intel Invests $24.8m in Vuzix to Accellerate Consumer Wearables
By Abraham Joseph - Ed.
2 January 2014 - Vuzix Corporation announced today that Intel Corporation has made a $24.8 million investment in the Company.
Vuzix is a leading supplier of Video Eyewear and Smart Glasses products in the consumer, commercial and entertainment markets. The Company's products include personal display and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality.
Vuzix's wearable display technology is focused on next generation optics and displays that have the potential to fit in fashion-based wearable glasses. Intel's investment will be used for general working capital to accelerate the introduction of Vuzix next generation fashion-based wearable display products into the consumer market.
Vuzix holds 39 patents, 10 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2014 and several wireless technology innovation awards.
Founded in 1997, Vuzix is a public company, with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.
Source: PR Newswire and Vuzix