Tekcapital (TEK ), an intellectual property investment group, announced this morning that Innovative Eyewear, the US subsidiary of TEK's portfolio company Lucyd, has licensed the global lifestyle brand Nautica for its smart eyewear technology.

"The Nautica smart eyewear line will stay true to the brand essence of bringing the inspiration of the sea into smart eyewear that is modern and innovative." said Harrison Gross, CEO of Innovative Eyewear

He added: "Our Nautica smart eyewear collection, powered by Lucyd, will align perfectly with today's lifestyle, as we believe consumers are looking for designer eyewear that allows them to reman connected to their digital lives."

The Nautica smart eyewear collection is expected to launch for Holiday 2022 or soon thereafter.

 

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This multi-year, global licensing agreement with Nautica is a major win for Innovative Eyewear and Tekcapital. Innovative Eyewear, the US subsidiary of TEK's Lucyd, debuted on NASDAQ in August.

The smart eyewear maker also debuted its fall '22 smart eyewear line "Lyte Fall '22" and a new wireless charging dock in August. The company's products are now available on Amazon (US), Best Buy, Dick's Sporting Goods, and other major outlets in the US.

Tekcapital currently owns 100% of the share capital of Lucyd and c. 71% of its US subsidiary, Innovative Eyewear.

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.

[Source: Vox Markets / Company Data]

Overall, the company has shown that it can pick IP companies with the potential to grow and disrupt their respective sectors, despite repeated headwinds in the global economy over the past 5 years.

TEK shares are up 5.5% this morning on the announcement.

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