Vuzix Secures $11.3M; Pivots Smart Glasses to Telemedicine, Remote Support
Smart glasses maker Vuzix received $11.3 million from a stock offering to institutional investors, with proceeds to be used for building inventory to meet increasing demand, it said Monday, citing the uncertain economic, public health and political climate. The company…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
posted Q1 earnings Monday of $1.53 million vs. $1.37 million in the year-ago quarter. CEO Paul Travers said the COVID-19 pandemic “awakened the enterprise smart glasses industry, particularly across telemedicine, field service and remote support and manufacturing.” The company has had an uptick in orders since sheltering-in-place regulations in mid-March, he said. The company expanded its engineering services and OEM programs, Travers said. It's also developing waveguide and display engine technologies around MicroLEDs with new partners.