Tekcapital (TEK) , an intellectual property investment group, announced that its portfolio company and maker of smart eyewear, Innovative Eyewear, has launched a new iOS/Android app called Lucyd. The app enables a voice interface for ChatGPT on their smart eyewear.
The app enables the user to ask questions to ChatGPT through microphones built into the Lucyd glasses and hear the response through stereo speakers. The app works with many other devices as well, including AirPods. Additionally, the app can be used via a visual UI on any smartphone.
Innovative Eyewear's Lucyd Lyte 2.0 line is available in 15 styles, all of which can now use ChatGPT via the Lucyd app.
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Tekcapital's 67%-owned Innovative Eyewear has launched the world's first ChatGPT-enabled smartwear via the Lucyd app. The app beta is free for existing customers and a free trial is available for everyone else. ChatGPT is a natural fit for smart eyewear due to the former's excellent conversational and natural language ability. As a powerful mobile learning system, Lucyd has the potential to generate substantial future revenue for Innovative Eyewear from both smart eyewear and app sales.
TEK has raised c. US$25m since IPO, which it has utilised to build net assets of over US$70m as of 31 May 2022. Its goal remains to "deliver significant returns on invested capital whilst bringing leading innovations to market, coupled with opportunities for special dividends along the way." Investors can expect such special dividends upon meaningful sales of portfolio company shares, typically as a company reaches a c. US$100m valuation.
The combined value of Tekcapital's four portfolio companies has grown steadily since initial investment in 2018, from £8.4m in 1H18 to £62.5m in FY21. Tekcapital most recently reported a 13% increase in net assets in 1H22 to a record US$76.9m, with NAV per share increasing 6% HoH to US$0.51. Previously, TEK had announced a 108% net asset increase and a 243% increase in income YoY for FY21.
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