Vuzix, a Rochester, New York-based technology company specializing in smart eyewear, recently announced that they received a $24.8 million investment from Intel Corporation. This investment gives Intel a 30-percent stake in the company’s common stock. Vuzix’s smart eyewear products range from augmented reality eyewear to military tactical equipment. Their eyewear is used in many industries, including health, customer service, and video games.
This investment allows for Intel to increase its presence in the wearables market. Intel has become a leader in wearable technology because of its Internet of Things strategy, both on its own and with the help of other companies. Intel recently partnered with Luxottica, an Italian company that helped them create fashionable smart glasses. Having a stake in Vuzix gives Intel a chance to push their IoT strategy even further.
In a press release, Vuzix said “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.” One can assume that Intel is trying to make a name for themselves in a market that Google Glass has so far dominated.
Vuzix was founded in 1997 when they acquired another virtual reality company. Since then, Vuzix has expanded into other sectors of eyewear technology. They are currently a leading supplier of smart glasses and video-recording eyewear. Its M100 Smart Glasses series were released in December 2013 for $1,000. The glasses can connect to both iOS and Android smartphones from cloud computing.