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Tekcapital says Lucyd’s crowdfunding shows ‘strong investor appetite’

08:26, 1st April 2021
Francesca Morgan
Vox Newswire

Tekcapital (TEK FOLLOW) said its portfolio company Lucyd, the smart eyewear and wearable software developer, has now closed its fully-subscribed Regulation Crowdfund with 3,800 Investors.

The London-listed group owns 100% of the share capital of Lucyd and around 78.1% of the share capital of Lucyd’s operating subsidiary, Innovative Eyewear. Post-money valuation of Innovative Eyewear of $4.82m results in valuation of shares held by Lucyd at $3.62m. 

The UK intellectual property investment group outlined that the crowdfund, conducted by Lucyd's U.S. subsidiary Innovative Eyewear, Inc., attracted 3,800 investors who contributed $1,070,000, which was the maximum allowable amount for this type of equity offering.

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. 

In addition, Tekcapital also informed investors in today’s statement that Lucyd has just been granted a utility patent from the United States Patent and Trademark Office, for a software system designed to manage multiple wearables and Internet of things (“IOT”) devices.

The group stated that this technology, combined with Lucyd's patent-pending e-glasses, ‘enhances the company's intellectual property position in the emerging wearables market.’

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%. 

Harrison Gross, Lucyd co-founder and CEO said, “The results clearly demonstrate a strong investor appetite for the Lucyd brand and confidence in the growth of our market position.”

He added, “This effort provided us with a strong contingent of brand advocates, customers and affiliates who support Lucyd on an ongoing basis. With 3,800+ new shareholders, we are better positioned than ever to bring smart eyewear mainstream."

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 group were trading 4.88% higher this morning at 10.5p following the announcement.

Closing of the crowdfund follows last week's news that the company had secured its first distribution agreement for the Lucyd’s Lyte™ glasses range since its initial launch back in January 2021. 

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