15th Nov 2024 12:07
(Alliance News) - Tekcapital PLC on Thursday noted investee Innovative Eyewear Inc revenue grew in the third quarter of 2024, and on Friday announced it has raised USD1.0 million through a placing and subscription.
Tekcapital is a London-based intellectual property investor. Innovative Eyewear is a Florida, US-based developer and retailer of ChatGPT-enabled smart eyewear under the Lucyd, Nautica, Eddie Bauer and Reebok brands.
Innovative Eyewear's net revenue for the nine months that ended September 30 was USD945,752, which it said was 76% higher than the year before.
Net revenue for the third quarter that also ended September 30 was USD253,599, up 14% year-on-year.
This was driven by new product launches and "ongoing investments in marketing and advertising initiatives, as well as increased public interest and growth in smart glasses."
Innovative Eyewear Chief Executive Officer Harrison Gross said: "We have continued the trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for the last 15 months. I am pleased by our continued growth and excited by the potential of further expansion with the upcoming launches of new product lines.
"There has been significant retail interest particularly around our new Lucyd Armor line, and the upcoming Reebok Powered by Lucyd collection. Based on recent discussions, I anticipate additional placements with leading American retailers in 2025."
Shares in Tekcapital were down 18% at 8.20 pence each in London on Friday morning.
Tekcapital also on Friday said it has raised proceeds of GBP1.0 million through a placing of 11.7 million shares at 7.5 pence each, and a subscription of 1.6 million shares at the same price. The placing was undertaken by SP Angel Corporate Finance LLP.
Tekcapital intends to use the proceeds to accelerate the deployment of Guident Ltd's remote monitor & control centre, and to prepare for Guident's planned initial public offering in 2025.
Guident is a 100%-owned investee of Tekcapital that develops remote monitoring & control software to improve the safety of autonomous vehicles and land-based delivery devices.
By Emily Parsons, Alliance News reporter
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