Portfolio Company Update: Lucyd

RNS Number : 0366X

Tekcapital plc

17 December 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

17 December 2019

Tekcapital Plc

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

Portfolio Company Update:

LUCYD to Introduce Modular Bluetooth^® Eyewear

Files Five Patents and a Trademark on GaaS^TM  

Tekcapital Plc (AIM: TEK), the UK intellectual property (IP) investment group focused on creating marketplace value from investing in university technology, is pleased to announce that its wholly owned portfolio company Lucyd Ltd, the smartglass developer and operator of a global eShop for tech-enhanced eyewear, has filed five new patents and a trademark¹ on its forthcoming line of Bluetooth® audio glasses.

The five patent filings cover the upcoming "Lucyd Loox" line of glasses, which will offer high-utility Bluetooth® features consistent with Lucyd eyewear, with a fashion-focused enhancement such as the ability for the wearer to rapidly and easily disconnect the front plate (the front of the eyeglass frame) from the electronic arms, to switch it with a different plate to change the style and/or lens functionality of the glasses with dramatically enhanced affordability.

Lucyd plans to produce new front plate shapes and patterns over time to accommodate a large range of personal styles, which will be significantly more cost effective than a full new pair of Bluetooth® glasses. For prescription wearers, new plates will also be available at a lower price than a full new frame, allowing customers to quickly switch between blue light blocking lenses, sunglass and other lenses according to their need. Lucyd has filed four design patents and one utility patent covering several unique hinge mechanisms and front frame combinations, that allow the front plate exchange to be done in seconds without any tools.

In addition, we believe Lucyd's intellectual property will enable their planned implementation of GaaS^TM (Glasses-as-a-Service) system, where customers can update the look of their glasses with new front plates anytime for a small monthly fee. This GaaS^TM system will also offer tiered insurance levels for the glasses, shopwide discounts on new products and enhanced commissions in Lucyd's cash-back referral program. Lucyd anticipates introducing this new line of modular Bluetooth® glasses in H1 2020.

Harrison Gross, CEO and Co-founder at Lucyd said: "We are extremely excited to introduce the first ever interchangeable-parts smartglass in the first half of 2020. This new feature will allow for unprecedented freedom of choice in the look and functionality of eyewear, and effectively give the user a whole new glasses style every month for a modest fee," said  Harrison Gross, CEO and Co-founder at Lucyd.

Dr Clifford Gross, Executive Chairman at Tekcapital, commented: "We are glad to see Lucyd continue its innovation in the tech-eyewear industry with its novel, modular Bluetooth® eyewear system. We believe their new development in tech-eyewear can result in increased recurring revenues and enhanced customer acquisition and retention for Lucyd, similar to other SaaS businesses."

About Lucyd 

The mission of Lucyd is to enhance the visual experience. Lucyd is pioneering a new market for prescription-ready, tech-enhanced glasses, and operates an eShop for innovative eyewear. To learn more please visit https://lucyd.co.

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

Tekcapital Plc		[phone]
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)		[phone]
Richard Morrison/Charlie Bouverat (Corporate Finance)
Novum Securities Limited (Joint Broker)		[phone]
Colin Rowbury (Corporate Broking)

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 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 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 Lucyd and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither 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.

Notes:

¹Below is a list of the recently filed Lucyd patent applications  

Docket No.	Title	Application No.
13506.025	Round Smartglasses Having Flat Connector Hinges	29/716,878
13506.026	Round Smartglasses Having Pivot Connector Hinges	29/716,882
13506.027	Sport Smartglasses Having Flat Connector Hinges	29/716.,892
13506.028	Wayfarer Smartglasses Having Pivot Connector Hinges	29/716,895
13506.029	Wireless Smartglasses with Quick Connect Front Frames	62/941,466

GaaS^TM is a pending trademark of Lucyd ltd.

 

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