Tekcapital’s Innovative Eyewear posts record revenue, Q4 sales surge

Innovative Eyewear, a Tekcapital portfolio company, has announced record-breaking results for the year ended 31st December 2023.

The launch of the world’s first ChatGPT-enabled smart eyewear and the integration of several patented innovations helped propel the company’s revenues 75% higher to $1,152,479 for the year.

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Notably, Q4 revenue was $615,754 – more than all three prior quarters combined.

Last year, Tekcapital said it saw multi-million pound revenue for all of its portfolio companies in 2024. Should the momentum demonstrated in today’s results continue into 2024, Innovative Eyewear will be set to achieve this milestone in the year ahead.

Supporting further sales growth in 2024, the jump in Q4 revenue was recorded before Innovative Eyewear launched its new lines Nautica Powered by Lucyd®, Eddie Bauer Powered by Lucyd®, Reebok Powered by Lucyd®, and the Lucyd Armor smart safety glasses line.

The Nautica line was launched in early 2024, and other lines are expected to be revealed in the coming year.

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The company believes that the introduction of the new lines will create the most diverse range of smart eyewear in the United States.

After launching the world’s first AI-enabled smart eyewear in 2023, Innovative Eyewear is targeting another first with the launch of smart safety glasses aimed at the construction industry and other sectors demanding hands-free, safety-grade connectivity through smart eyewear.

Harrison Gross, CEO of Innovative Eyewear, said, “Our growth trajectory is a testament to our team’s hard work and the strategic decisions we’ve made over the past year. As we continue to innovate and expand our partnerships, we’re excited to lead the charge in smart eyewear and integrate GenAI technology that enhances our users’ daily lives. The industry’s investment in this space reaffirms our direction, and we believe we’re poised to potentially capture significant market share with our upcoming product releases and anticipated global expansion.”

Innovative Eyewear (NASDAQ:LUCY) was 7% higher in US trade.

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