Intel Corp.’s push into the Internet of Things (IoT) has the microprocessor giant taking a 30 percent stake in video eyewear and smart glasses vendor Vuzix Corp.
Intel has made a $24.8 million investment in Vuzix after buying 49,626 shares of stock, which equates to about 30 percent of the total outstanding stock of the wearable manufacturer. Vuzix develops wearable display technology focused on next generation optics and displays but also have the potential to be included in fashion-based wearable glasses.
Vuzix has been developing wearable eyewear and smart glasses for a variety of markets but also hopes to get into fashion wearables.
Vuzix said it will use the money it garnered from Intel in order to accelerate the move of the company in to the fashion-based wearable market.
Intel has dived head-first into the IoT market recently rolling out a reference design model in order to make wearables and next-generation connected devices easier to secure and connect to. Furthermore, Intel, along with Mitsubishi, tested factory automation systems using IoT in order to gather and aggregate data faster as well as for an increased yield and gain in productivity. Intel also helped found the Open Interconnect Consortium tasked with defining the communications connectivity for IoT. And it entered the wearables market early last year by acquiring Basis Science for $100 million