Curated News
By: NewsRamp Editorial Staff
September 17, 2024
Vuzix Receives $20 Million Investment from Quanta Computer to Expand Smart Glasses Collaboration
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- Vuzix Corp. just received a $20 million investment from Quanta Computer, giving them more firepower to innovate and expand their smart glasses offering.
- The investment is in three tranches, with the first tranche consisting of $10 million of Vuzix common stock, and the second and third tranches tied to specific milestones.
- The investment and collaboration should help Vuzik continue to innovate in the marketplace and grow sales, ultimately making smart glasses more accessible for various industries.
- Smart glasses market is forecasted to reach $13.68 billion by 2031, driving market growth is demand from manufacturing, warehousing and healthcare companies that use smart glasses to train associates and provide remote assistance.
Impact - Why it Matters
The investment and collaboration should help Vuzix continue to innovate in the marketplace and grow sales. The company looks forward to realizing significant revenue potential in the coming years thanks to the partnership with Quanta Computer. Smart glasses are taking off as the use cases continue to grow, and Vuzix wants to be a leader in the industry.
Summary
Vuzix Corp. (NASDAQ: VUZI), the maker of smart glasses and augmented reality (AR) products, just received a multimillion-dollar investment from Quanta Computer Inc. (OTC: QUCCF), a global Fortune 500 company and original design manufacturer (ODM). This investment will strengthen Vuzix’s balance sheet and enable it to ramp up production of its waveguides and launch new smart glasses and related products. The partnership between the two companies has steadily deepened since it was first disclosed last November and this investment further validates their collaboration.
Vuzix makes a variety of smart glasses and AR products, including head-mounted smart personal displays and wearable computing devices. The company’s waveguide designs, combined with its optics technology, set it apart from its rivals. The investment comes at a time when the smart glasses market seems to be taking off and looks poised for growth, with the global smart glasses market forecast to reach $13.68 billion by 2031, growing at a CAGR of 10.3% from 2024 through 2031.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Vuzix Receives $20 Million Investment from Quanta Computer to Expand Smart Glasses Collaboration
