(Reuters) SAN FRANCISCO – Vuzix Corporation said on Friday that Intel Corp invested $24.8 million in the company to speed up the launch of Internet-connected eyewear.
Intel bought preferred stock that is convertible into common shares equivalent to 30 percent of Vuzix, Vuzix said in a press release.
Rochester, New York-based Vuzix develops computerized, Internet-connected glasses and other video eyewear aimed at consumers, businesses and entertainment.
Intel officials were not immediately available for comment.
Intel, which was slow to launch chips for smartphones and tablets, is striving to be at the forefront of future trends in mobile computing and expand into new markets, including smart watches and other Internet-connected “wearables”.
A month ago, Italy’s Luxottica said it was joining forces with the US chipmaker to develop glasses that combine its top fashion brands with technology that could allow wearers to access information about their health or location.
Intel has also teamed up with watch retailer Fossil Group and fashion brand Opening Ceremony to develop wearable devices such as fashion bracelets with communications features and wireless charging.
(Reporting by Noel Randewich; editing by Andrew Hay)