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Vuzix (NASDAQ: VUZI) Lands $20 Million Investment From Quanta Computer As The Two Expand Their Smart Glasses Collaboration
--News Direct--By Meg Flippin, Benzinga Vuzix Corp. (NASDAQ: VUZI), the maker of smart glasses and augmented reality (AR) products, just got more firepower to
About this update from Vuzix Corporation
[{"type":"text","content":"--News Direct--By Meg Flippin, Benzinga Vuzix Corp. (NASDAQ: VUZI), the maker of smart glasses and augmented reality (AR) products, just got more firepower to grow thanks to a multimillion-dollar investment from Quanta Computer Inc. (OTC: QUCCF), a global Fortune 500 company and original design manufacturer (ODM). The two already collaborate to advance the smart glasses market and this three-tranche $20 million investment further validates that partnership. The investment by Quanta Computer also strengthens Vuzix’s balance sheet, enabling it to ramp up production of its waveguides and launch new smart glasses and related products. Smart Glasses Getting Smarter Vuzix makes a variety of smart glasses and AR products, including head-mounted smart personal displays and wearable computing devices that offer users a portable high-quality viewing experience. The company’s smart glasses and component technologies are the result of deep R&D and OEM partnerships with technology companies like Quanta Computer. Quanta Computer is a leading notebook manufacturer, cloud computing provider and maker of products for the IT, consumer electronics, cloud computing and smart technology markets such as smart homes. Last year it had revenue of $35 billion, and it has a workforce of about 62,000 employees located around the world. Vuzix says its light, thin and ergonomic waveguide designs combined with its optics technology for display engines sets it apart from its rivals. Vuzix’s waveguides take a projected virtual image and relay it to the eye while expanding the exit pupil (viewing window) at the same time. \"Quanta’s investment today represents another important step in our partnership, which has steadily deepened since we first disclosed it last November,\" said Paul Travers, president and CEO of Vuzix. \"This investment, and the ones to follow, will significantly strengthen our balance sheet and assure that we can implement whatever steps needed to ramp production of waveguides, as well as the co-development of new smart glasses and related technologies.”Getting Cash In The Coffers Under the terms of the deal, Quanta will invest $20 million in three tranches. The first tranche will consist of $10 million of Vuzix common stock. The second and third tranches, $5 million each, are tied to specific milestones and will consist of the purchase of Vuz...