Tekcaptial reports further progress with Innovative Eyewear and MicroSalt investments
( ) , a UK intellectual property investment group, has recently announced two major updates for investee companies Innovative Eyewear and MicroSalt.
Innovative Eyewear Inc., the developer and retailer of smart eyewear, has revealed major developments in its Vyrb social audio app, which has seen it introduce a powerful new live broadcasting feature called "On Air". The feature enables users to create real-time audio chatrooms with up to 100 visitors and multiple active speakers. The company believes this feature will be a useful tool for audio content creators and collaborative work.
Innovative Eyewear CEO Harrison Gross commented, "The introduction of the On Air feature to our Vyrb app is a milestone where we have enhanced the popular and useful real-time chat functionality found in other social apps, by adapting it to an ecosystem purpose-built for wearable communications".
Meanwhile, MicroSalt has also demonstrated further progress, entering into an agreement with US Salt LLC for the distribution and delivery of MicroSalt's low-sodium solutions. This partnership is expected to strengthen each companies' respective market positions as leaders in the sodium reduction effort, through expanding the customer base for MicroSalt and the product offerings for US Salt, with healthy, lower sodium alternatives.
Rick Guiney, CEO of MicroSalt, commented, "We are proud to work with US Salt in their efforts to offer low-sodium solutions to their customer base. US Salt as a leader in salt distribution, offering lower sodium as an active option in its ingredient listing. Excess sodium intake is one of the world's leading health concerns, and we believe that partnerships like this are a great way to expand our efforts to address the sodium reduction challenge."
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Social audio apps have boomed in recent years, with this type of app reaching 20 million downloads in the first three months of 2021 alone. The growth in the market can be put down to many users inundated with video communication during the pandemic, and as a result, looking for new ways to connect that didn't involve looking at a screen.
Even post-pandemic, many users remain screen-weary, and Vyrb’s social audio app offers a great solution by offering users to send and receive audio messages on the go. The recent addition of the ‘On Air’ feature will no doubt be an attractive addition to the app, offering another hands-free way to communicate with other users.
MicroSalt continues to build on its recent successes, after signing a contract with supermarket chain Giant Food of Maryland at the end of January of this year. The uniqueness of MicroSalt’s product makes it a big hitter in the sodium reduction ingredient industry. Its product is not merely a salt substitute, but actual salt, consequently not sacrificing flavor. This is achieved through their patented technology, which reduces the salt particle size to roughly 100x smaller than regular particles.
While typical salt products consist of high levels of sodium, MicroSalt provides a low-sodium solution at a time when many health complications around the world can be attributed to sodium consumption. The company notes that 1.1 billion adults have high blood pressure around the world, with 17.9 million people dying each year from cardiovascular disease.
According to a recent report published by Coherent Market Insights, the global sodium reduction ingredient market is projected to reach around US$2.2bn by end of 2027, growing at a CAGR of 12.2% between 2020-2027. The projected growth of the market can be put down to increased health and diet awareness among consumers, particularly in the aftermath of Covid-19.
Both MicroSalt and Innovative Eyewear’s recent announcements further demonstrate the strength of Tekcapital’s investment portfolio.
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