Tekcapital’s Lucyd expands team with three new hires
(TEK ) said its portfolio firm Lucyd has expanded its team with three new hires, a move it considers as “an important step” towards its market leadership in smart eyewear.
London-listed Tekcapital currently owns 100% of the share capital of Lucyd Ltd and around 78.1% of the share capital of Lucyd’s operating subsidiary, Innovative Eyewear, Inc.
Last month, Lucyd, the smart eyewear and wearable software developer, closed a fully subscribed Regulation Crowdfund, raising $1.07m at a post-money valuation of $4.8m.
Tekcapital said the crowdfunding round was ‘beneficial’ to Lucyd, by introducing the brand to ‘thousands of new individuals’, funding Lucyd Lyte™ e-glasses and Vyrb™ app development and providing it with a large community for beta testing of its new products.
The Lucyd® Lyte™ glasses are the group’s latest range of tech-enhanced, prescription eyewear which enables its wearers to ‘seamlessly play music, take phone calls and chat with their phone's assistant while maintaining situational awareness with open-ear technology.’
The features of the e-glasses include Hi-fi Bluetooth® Audio which allows connections to all Bluetooth devices, enables rapid pairing, clear sound quality for calls, music and podcasts as well as open-ear audio enables simultaneous connectivity and situational awareness.
To expand its sales force, Tekcapital has hired Frank Rescigna as VP Sales. Rescigna holds thirty-years in optics and has previously managed the Guess Eyewear brand in the US as both President of Viva International and President of Jewelry & Global Brand Licensing.
In addition, the Company said it has hired Kenneth Strominger, an experienced fitness electronics sales manager, as Sales Director for sports and electronics markets. Strominger previously acquired 10,000 wholesale store accounts while Director of Sports Marketing and Sales at Timex Corp while he was also President of the Nexus Sports consultancy.
Finally, Tekcapital has also hired Alex Rivera as Content Manager. Rivera holds 15 years of experience in photography and brand management, including over a decade of work at Astound Digital Productions and over five years as Content and Social Manager for the popular Blue Martini chain. Tekcapital said Rivera has already begun to refine the Lucyd brand’s online presence in order to broaden its reach and appeal in its target markets.
Tekcapital said it believes this team expansion will prove ‘instrumental’ to the advancement of its positioning as both a pioneer and premier brand in Bluetooth®-enabled eyewear.
Harrison Gross, Lucyd’s Co-Founder and CEO commented, “This team expansion is an important step towards our path to market leadership in smart eyewear. It is our belief that these new hires will help catalyze Lucyd’s first-mover advantages into a firm position as a technology and style leader in the emerging wearables market. Adding this wealth of optical, sales and content management experience to the team is invaluable, given the company’s growth since the launch of our popular Lucyd® Lyte e-glasses this past January.”
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Tekcapital said Lucyd Lyte e-glasses are positioned ‘at the intersection of the eyeglass, hearables and voice assistant markets.’ According to Fortune Business Insights, the eyewear market is projected to reach US$ 179 billion by the end of 2026 with a CAGR of 5.7%.
According to Allied Market Research, the hearables market size is projected to reach $93.9bn by the end of 2026 with a CAGR of 17.2%. Over four billion voice assistant devices are currently in use globally with projected sales of $5.9bn by 2026 with a CAGR of 30.5%.
Tekcapital said it believes that the new Lyte line has the potential for mass market adoption ‘due to its advanced design, designer eyeglass form-factor and affordable pricing.’ Shares in the company have increased by over 12% in value to 11.5p over the past month.
Reasons to TEK
Tekcapital’s mission is to create value from university Intellectual property that is ready for mass markets:
- TEK has the World’s largest network of University IP
- TEK enables rapid value creation with market ready technology selection
- Multi-Year track record of significant revenue and net-asset growth
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