Rochester, New York, Jan. 5, 2015: Vuzix, maker of video eyewear and smart glasses products in the consumer, commercial and entertainment markets, today announced that Intel Corporation had made a US $24.8 million investment in it.
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, said the company.
Intel purchased 49,626 of Vuzix’ Series A Preferred Stock, which are convertible into 4,962,600 shares of Vuzix’ common stock at an initial conversion price of US $5.00 per share, subject to adjustment in the event of stock splits, dividends or other combinations.
Founded in 1997, the publicly held Vuzik has 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 holds 39 patents and 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, among others.
Image Credit: Vuzix
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