Jun 20, 2023

Tekcapital’s Innovative Eyewear introduces new custom

UK intellectual property investment group Tekcapital (TEK) Follow | TEK, has announced the launch of a new light blocking lens sold by Lucyd Eyewear from its portfolio company Innovative Eyewear, further expanding the advantages of Lucyd Eyewear over competing products.

The Lucyd Blueshift lens is an exclusive new lens upgrade offered with Lucyd eyewear.

Benefits of the lens include photochromic lens, which tint to a polarised sunglass in bright environments, while remaining clear indoors. Each lens comes with a special blue light blocking layer that provides an average of 40% filtration of harmful blue light. This makes the lens ideal for indoor/outdoor use.

Harrison Gross, CEO of Innovative Eyewear, commented: "I am thrilled to announce another engineering feat from our dedicated team, who are always striving to help our customers get the most out of the glasses they wear every day.

We believe this exciting new upgrade, in tandem with our recently released Lucyd app which made our eyewear the first to be ChatGPT-enabled, further expands the tech advantages of Lucyd Eyewear over competing products."

Tek’s Innovative Eyewear has hit four major milestones since April of this year, demonstrating its quick pace of growth. It launched the first ChatGPT-enabled smartglasses in April, followed swiftly by licensing its smart eyewear tech to Reebok this month, partnership with Privato Duty Free announced in June, and today's news marking the fourth.

The investment case for Tek’s Innovative Eyewear follows that eyewear will follow the same path as smartphones and watches, which have improved on their original formats with smart, digital connectivity. As eyewear transitions to being ‘smart’, Lucyd aims to be at the forefront of this process, holding the standard in value, utility and style.

Tek’s other portfolio companies, MicroSalt and Guident, have also hit major milestones in 2023. MicroSalt partnered with a large US retailer to stock its products in 800 stores by Q4 2023. Guident has also been gaining further traction, recently scoring a new patent related to autonomous driving, and receiving a grant with Novelsat to develop satellite-based remote monitoring system for autonomous vehicles.

Currently, we see Tekcapital as undervalued, with NAV per share at US$0.38 (31p) at the end of FY22 and current share price at 13.5p, marking an attractive entry point for investors.

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