Vuzix Secures $20M Strategic Funding from Quanta

September 4, 2024 – Vuzix, a provider of good glasses and augmented actuality (AR) expertise and merchandise, has this week introduced that Quanta Computer Inc., a world Fortune 500 firm and Authentic Design Producer (ODM), has entered right into a USD $20 million strategic funding in Vuzix.

Vuzix said that the funding, which is a part of a long-term waveguide design and provide partnership between the 2 firms, will assist to help the enlargement of its waveguide manufacturing capabilities, in addition to the joint growth of recent AR/AI good glasses applied sciences.

Based on Vuzix, Quanta’s funding dedication of as much as USD $20 million consists of three funding tranches: the primary will encompass USD $10 million of Vuzix widespread inventory; the second and third tranches, that are for USD $5 million every, are tied to particular milestones, and can encompass the acquisition of Vuzix Sequence B Most well-liked Inventory.

Quanta famous that the potential of the second and third tranches, valued at USD $5 million every, are contingent upon assembly sure milestones. Upon completion of all three funding tranches, Quanta is predicted to carry a stake of lower than 19.2% in Vuzix.

“We plan to work intently with Vuzix to help the AR good glasses business and at present’s funding in Vuzix represents a powerful endorsement of our partnership,” mentioned Frank Chuang, Vice President of Quanta Pc.

“Quanta’s funding at present represents one other vital step in our partnership, which has steadily deepened since we first disclosed it final November,” mentioned Paul Travers, President and CEO of Vuzix. “This funding, and those to observe, will considerably strengthen our stability sheet and guarantee that we are able to implement no matter steps wanted to ramp manufacturing of waveguides, in addition to the co-development of recent good glasses and associated applied sciences.”

Travers added, “We look ahead to increasing our buyer relationship and partnership with such a number one product producer as Quanta, in addition to realizing the numerous income potential it stands to generate for Vuzix within the upcoming years with each events’ successes.”

For extra data on Vuzix and its augmented actuality expertise options, together with its waveguide manufacturing capabilities, click here. To study extra about Quanta and its manufacturing options, click on here.

Picture credit score: Vuzix / Quanta Pc Inc.