Vuzix® Corporation (NASDAQ:VUZI) ("Vuzix" or the "Company"), a leading supplier of smart glasses and augmented reality (AR) technology, today announced that it has successfully achieved the milestones tied to its strategic investment agreement with Quanta Computer Inc. (TWSE: 2382.TW) ("Quanta"). As a result, Vuzix has received the third tranche of funding, bringing Quanta's total investment in the Company to $20 million, as provided for under its September 3, 2024 securities purchase agreement ("SPA") with Quanta.
The release of this tranche and completion of the SPA funding strengthens Vuzix' balance sheet and provides additional resources to scale its OEM waveguide manufacturing operations. It also marks another vote of confidence from one of the world's leading computing technology manufacturers.
With the completion of this $20 million investment from Quanta under the SPA, Vuzix and Quanta are aligned to accelerate the commercialization of advanced AR solutions for OEM/ODMs across consumer, enterprise, and defense markets.