Vuzix Secures $11.3M; Pivots Smart Glasses to Telemedicine, Remote Support

Smart glasses maker Vuzix received $11.3 million from a stock offering to institutional investors, with proceeds to be used for building inventory to meet increasing demand, it said Monday, citing the uncertain economic, public health and political climate. The company posted Q1 earnings Monday of $1.53 million vs. $1.37 million in the year-ago quarter. CEO Paul Travers said the COVID-19 pandemic “awakened the enterprise smart glasses industry, particularly across telemedicine, field service and remote support and manufacturing.” The company has had an uptick in orders since sheltering-in-place regulations in mid-March, he said. The company expanded its engineering services and OEM programs, Travers said. It's also developing waveguide and display engine technologies around MicroLEDs with new partners.