RCS - Tekcapital plc - Portfolio Company Update Innovative Eyewear Inc

TekcapitalAnnouncement

21/08/2024 08:15

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RNS Number : 2350B  Tekcapital plc  21 August 2024

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21 August 2024

Tekcapital Plc

("Tekcapital", the "Company" or the "Group")

Innovative Eyewear, Inc. Announces Strategic Alliance with Geenee Inc. to
Deliver Next-gen Smart Eyewear Retail Experiences

 

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group notes
that Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ:
LUCY; LUCYW), the developer and retailer of ChatGPT enabled smart eyewear
under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, has announced
it has partnered with augmented reality shopping developer Geenee Inc. to
develop a new generation of Smart Eyewear retail experiences in H2 2024.

 

The Company is working with Geenee to launch the following new customer
experiences for its smart eyewear:

 

●    The launch of the new Lucyd Kiosk, a freestanding LCD display with
an immersive brand experience, allowing the viewer to see all Lucyd, and
Powered by Lucyd, frames superimposed on their faces using state of the art
virtual try-on (VTO) technology. The Lucyd Kiosk will also support seamless
audio demos using a tethered pair of Lucyd glasses coupled with
larger-than-life TikTok videos and product content. The Company envisions the
Kiosk will be placed in high-volume optical stores, big box stores and select
specialty retailers.

 

●    The launch of an improved VTO experience on Lucyd.co, enhancing the
Company's unique online smart eyewear shopping experience with cutting-edge AR
try-on.

 

●    Finally, the Company will be partnering with Geenee to launch a new
wave of personalized web advertisements supporting VTO, allowing viewers to
instantly try on Lucyd eyewear while browsing other websites.

 

At 5' high and with a 32" responsive LCD touchscreen, the Lucyd® Kiosk will
provide an immersive and customizable shopping experience. We believe adding
the VTO takes it to the next level.

 

Harrison Gross, CEO of Innovative Eyewear Inc., commented:

"We are excited to partner with Geenee as they will provide a terrific and fun
solution to help guide our customers in their smart eyewear purchases. We
believe that their fast and flawless VTO experience will enhance sell-through
both online and in-store."

 

 Cory Grenier, CEO of Geenee Inc., said:

"Culturally significant products often deliver useful multisensory
experiences, at an accessible price point, in a more convenient and intuitive
form. In this regard, Lucyd has been a trendsetter, converging audio
entertainment and intelligent AI logic into sleek and stylish eyewear.
Personalized virtual try-on kiosks, like the Lucyd® Kiosk, extend this
hands-free utility to the retail environment."

 

Innovative Eyewear Inc. expects the Lucyd Kiosk to debut in select retailers
later this year, and the new virtual try-on experience is expected to launch
on Lucyd.co by Q4 2024, along with other site-wide improvements. For a live
demo of the try-on with the Lucyd Antimatter XL style, visit here
(https://projects.geenee.ar/glasses-showcase/?modelUrl=https://projects.geenee.ar/assets/projects/demo/lucyd.glb)
.

Image courtesy of Innovative Eyewear, Inc.

 

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer and retailer of ChatGPT smart eyewear, under
the Lucyd(®), Nautica(®), Eddie Bauer(®) and Reebok® brands. True to their
mission to Upgrade Your Eyewear(®), their Bluetooth audio glasses allow users
to stay safely and ergonomically connected to their digital lives and are
offered in hundreds of frame and lens combinations to meet the needs of the
optical market. To learn more and explore our continuously evolving collection
of smart eyewear, please visit www.lucyd.co (http://www.lucyd.co) .

 

About Geenee, Inc.

Geenee is an AI-based 3D personalization platform transforming how people
digitally interact and transact through virtual try on ads, ecommerce and AR
Mirrors. Geenee personalization platform partners include brands such as
SHEIN, L'ORÉAL, John Hardy, and major eyewear manufacturers. To learn more,
please visit Geenee.ar (https://geenee.ar/) , or Try-on.io
(https://projects.geenee.ar/glasses-showcase/?modelUrl=https://projects.geenee.ar/assets/projects/demo/lucyd.glb)
.

 

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed
discoveries that can enhance people's lives and provides a range of technology
transfer services to help organisations evaluate and commercialise new
technologies. Tekcapital is quoted on the AIM market of the London Stock
Exchange (AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com (http://www.tekcapital.com) .

 

LEI: 213800GOJTOV19FIFZ85

Tekcapital currently owns 259,455 shares of Innovative Eyewear, Inc.

 

For further information, please contact:

 

 Tekcapital Plc                                                                                          Via Flagstaff
 Clifford M. Gross, Ph.D.

 SP Angel Corporate Finance LLP                                                                          +44 (0) 20 3470 0470

 (Nominated Adviser and Broker)
 Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees
 (Corporate Broking)

 Flagstaff Strategic and Investor Communications                                                         +44 (0) 20 7129 1474
 Tim Thompson/Andrea Seymour/Fergus Mellon

 

Forward-Looking Statements

This press release is for informational purposes only. The information herein
does not constitute investment advice nor an offer to invest and may contain
statements related to our future business and financial performance and future
events or developments involving Innovative Eyewear, Inc., Lucyd or Tekcapital
that may constitute forward-looking statements. These statements may be
identified by words such as "expect," "look forward to," "anticipate"
"intend," "plan," "believe," "seek," "estimate," "will," "project" or words of
similar meaning. We may also make forward-looking statements in other reports,
in presentations, in material delivered to customers, stakeholders and in
press releases. In addition, our representatives may from time to time make
oral forward-looking statements. Such statements may be based on the current
expectations and certain assumptions of Tekcapital, Innovative Eyewear Inc. or
Lucyd's management. Please note that these are subject to a number of risks,
uncertainties and factors, including, but not limited to those described in
various disclosures. Should one or more of these risks or uncertainties
materialize, or should underlying expectations not occur or assumptions prove
incorrect, actual results, performance or achievements of Innovative Eyewear
Inc., Lucyd and/or Tekcapital may vary materially from those described
explicitly or implicitly in the relevant forward-looking statement. Other than
as required by relevant regulation or law,  neither Innovative Eyewear Inc,
Lucyd nor Tekcapital intends, nor assumes any obligation, to update or revise
these forward-looking statements in light of developments which differ from
those anticipated.

 

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