Google is investing up to $150 million in Warby Parker, the popular eyewear brand, to develop AI-powered smart glasses. This investment will cover product development and commercialization costs, including research and production expenses necessary for launching the new technology.
Investment Details
- The agreement includes a minimum commitment from Google of $75 million.
- Warby Parker has the option to receive an additional $75 million from Google if certain undisclosed milestones are met.
- The partnership plans to launch a series of products starting after 2025, featuring multimodal AI capabilities in both prescription and non-prescription glasses.
A spokesperson for Warby Parker expressed excitement about the collaboration but noted that further details could not be shared at this time.
Warby Parker’s Smart Glasses Project
Warby Parker has been working on its own smart glasses project since 2019 but has not yet released any products with advanced AI capabilities like those planned by Google’s investment arm, Alphabet Inc.’s X moonshot factory.
X Moonshot Factory
X is known for developing cutting-edge technologies, including:
- Self-driving cars
- Contact lenses that monitor glucose levels without requiring users to prick their fingers or wear bulky devices like continuous glucose monitors (CGMs).
In recent years, X has also been working on several projects related to vision care, including smart contact lenses that utilize AI algorithms running on small embedded chips or processors. These chips would allow individuals with diabetes or other conditions requiring frequent blood sugar monitoring to avoid the inconvenience of CGMs, which necessitate inserting tiny sensors under the skin every few days.
Smart Glasses Market Overview
The global market size of smart glasses was valued at $1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of around 30% from 2021 to 2030, according to Grand View Research Inc. This rapid expansion is primarily attributed to increasing adoption rates among consumers, particularly younger generations seeking innovative ways to enhance their daily lives through wearable technology solutions.
Key Players in the Smart Glasses Market
Some key players operating within this space include:
- Epson Corporation: A Japanese multinational electronics company known for producing high-quality printers, scanners, projectors, digital cameras, and various home appliances.
- Vuzix Corporation: An American multinational corporation specializing in the design, manufacture, sale, and distribution of augmented reality (AR) and virtual reality (VR) wearable computing devices.
- ODG LLC: An American technology firm focused on the development, manufacturing, and sales of enterprise-grade AR/VR head-mounted displays (HMDs).
- Magic Leap Inc.: An American technology firm developing the AR software and hardware platform, Magic Leap One Creator Edition, which was announced in January 2018 and priced at $999 per unit, sold exclusively through select retail stores and online marketplaces.
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