Intel invests $25 million in wearable tech vendor

Santa Clara, Calif. - Intel Corp. has made a $24.8 million investment into Vuzix Corp., a provider of wearable display technology video eyewear and smart glasses products in the consumer, commercial and entertainment markets. Vuzix 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.



The shares Intel purchased will represent approximately 30% of Vuzix total outstanding stock. Intel has the right to vote with the holders of common stock on an as-converted basis, and has the right to appoint two members to Vuzix' board of directors, in addition to the company's current five members.