Vuzix® Corporation, a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce Quanta Computer Inc, a global Fortune 500 company and worldwide leading Original Design Manufacturer (ODM), has entered into a $20 million three-tranche strategic investment in Vuzix consisting of common and preferred stock of Vuzix.
Quanta’s investment commitment of $20 million consists of three investment tranches. The first investment tranche will consist of $10 million of Vuzix common stock. The second and third tranches of the total planned investment are $5 million each, are tied to specific milestones, and will consist of the purchase of Vuzix Series B Preferred Stock.
“We plan to work closely with Vuzix to support the AR smart glasses industry and today’s investment in Vuzix represents a strong endorsement of our partnership,” said Frank Chuang, Vice President of Quanta Computer.
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“Quanta’s investment today represents another important step in our partnership, which has steadily deepened since we first disclosed it last November,” said Paul Travers, President and CEO of Vuzix. “This investment, and the ones to follow, will significantly strengthen our balance sheet and assure that we can implement whatever steps needed to ramp production of waveguides, as well as the co-development of new smart glasses and related technologies. We look forward expanding our customer relationship and partnership with such a leading product manufacturer as Quanta, as well as realizing the significant revenue potential it stands to generate for Vuzix in the upcoming years with both parties’ successes.”
Quanta Computer Inc. is a Fortune Global 500 Company and a leader in worldwide notebook manufacturing, as well as a leading solution provider in cloud computing. Quanta provides innovative products with superior technology in information and communications, consumer electronics, cloud computing, smart home solutions, smart automobile solutions, smart healthcare, and AIoT, etc.
SOURCE: PRNewswire