Business
Portfolio Company to Raise Funds via a Token Sale
Portfolio Company to Raise Funds via a Token Sale.
About this update from Tekcapital Plc
[{"type":"text","content":"\n \nRNS Number : 9916R Tekcapital plc 28 September 2017 \n\n \n \n \nTekcapital plc\n(\"Tekcapital\" or the \"Company\")\n \nLucyd pte ltd to Launch Blockchain Token Sale\n \nTekcapital plc (AIM: TEK), a UK intellectual property (IP) investment group focused on creating marketplace value from university technology, announces that Lucyd pte ltd (\"Lucyd\") is launching a Token Sale on 17 October 2017, to raise up to US$10 million. Lucyd pte ltd is a subsidiary of Lucyd ltd, a Tekcapital portfolio company of which it owns 100 per cent.\n \nLucyd was established by Tekcapital to exclusively license and commercialise a portfolio of 13 optical technology patents that Tekcapital acquired from the University of Central Florida that enable wearable augmented reality (\"AR\") products. \n \nSubsequently, Lucyd has assembled a team of experts in the science of optics, augmented reality and cryptocurrency with scientific advisors who are already widely regarded as leaders in their respective fields. Lucyd is now at a stage to manufacture prototype AR glasses that are lightweight, look like regular glasses and incorporate see-through displays with eye tracking technology.\n \nRationale for the Token Sale and Use of Proceeds\nThe aim of the token sale is to raise up to US$10 million to fund the development of Lucyd's augmented reality glasses and software apps based on Lucyd's exclusively licensed patent portfolio.\n \nAccording to Digi Capital1, the AR market is forecasted to reach approximately US$83 billion by 2021 and the Directors of Tekcapital believe that Lucyd is now well positioned to participate in the emerging AR market due to its innovative IP portfolio and the capable team it has assembled to commercialise its technology. Proceeds from the token sale will not be dilutive for Tekcapital shareholders and represents an innovative financing method to accelerate the development of Tekcapital's portfolio companies.\n \nTo learn more about Lucyd, please visit its website at www.lucyd.co.\n \nCommenting on the token sale, Dr. Clifford M. Gross, Executive Chairman of Tekcapital, said; \"We are excited to announce this token sale to accelerate the commercialisation of Lucyd's leading AR technology and enhance the value of our portfolio company.\"\n \n \n \n ...