Competition in the smart eye-wear space is heating up seen by Intel Corporation (NASDAQ:INTC) opting to invest $25 million in Vuzix as it looks to give Google Inc. (NASDAQ:GOOGL) a run for its money on Google glass. During an interview on Bloomberg, Vuzix Founder and CEO, Paul Travers, affirmed the company’s desire to be a leader in developing products that can command mass appeal instead of targeting the tech-savvy base.
Travers also took a swipe on Oculus and Google wearables, which he believes many people would not wish to wear them in public.
“There are so many things you can do with a wearable display that you just can’t do with any other form of wearable technology. The problem is most people don’t want to look like nerds on wearing their wearables. Oculus is a prime example you wouldn’t want to walk down the street with Oculus rift,” said Mr. Travers.
Traverse maintains that Intel Corporation (NASDAQ:INTC) investment in the company will provide the much-needed finance to produce fashion-focused glasses before the end of the year. The chip giant is betting on the wearable market that it sees as the next big thing going forward.
Intel Corporation (NASDAQ:INTC) is pursuing the wearable space having faced dire consequences in lagging behind in the development of chips for smartphones and tablets. Travers expects the investment to help speed the development of the next line of wearable display products that are sure to offer consumers a wide array of products to choose from, in the market.
Intel Corporation (NASDAQ:INTC) is believed to be making chips that will specifically target the wearables space that is growing fast, at the back of ongoing hype in the space. Vuzix remains entirely focused on the wearable’s business having already offloaded its tactical defense unit that seemed to be a promising business in terms of revenues.
“This technology that we sold that was good for the defense space, but it wasn’t the technology that is needed in the consumer space and the industrial space. We needed access to more capital this is a business that up until just recently was very difficult to fund. Clearly companies like Oculus have changed that paradigm,” said Mr. Travers.
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