Portfolio Company Update Innovative Eyewear Inc

Innovative Eyewear, Inc. Announces Strategic Alliance with Geenee Inc. to Deliver Next-gen Smart Eyewear Retail Experiences

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group notes that Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), the developer and retailer of ChatGPT enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, has announced it has partnered with augmented reality shopping developer Geenee Inc. to develop a new generation of Smart Eyewear retail experiences in H2 2024.

The Company is working with Geenee to launch the following new customer experiences for its smart eyewear:

• The launch of the new Lucyd Kiosk, a freestanding LCD display with an immersive brand experience, allowing the viewer to see all Lucyd, and Powered by Lucyd, frames superimposed on their faces using state of the art virtual try-on (VTO) technology. The Lucyd Kiosk will also support seamless audio demos using a tethered pair of Lucyd glasses coupled with larger-than-life TikTok videos and product content. The Company envisions the Kiosk will be placed in high-volume optical stores, big box stores and select specialty retailers.
• The launch of an improved VTO experience on Lucyd.co, enhancing the Company's unique online smart eyewear shopping experience with cutting-edge AR try-on.
• Finally, the Company will be partnering with Geenee to launch a new wave of personalized web advertisements supporting VTO, allowing viewers to instantly try on Lucyd eyewear while browsing other websites.

At 5' high and with a 32" responsive LCD touchscreen, the Lucyd® Kiosk will provide an immersive and customizable shopping experience. We believe adding the VTO takes it to the next level.

Harrison Gross, CEO of Innovative Eyewear Inc., commented:

"We are excited to partner with Geenee as they will provide a terrific and fun solution to help guide our customers in their smart eyewear purchases. We believe that their fast and flawless VTO experience will enhance sell-through both online and in-store."

Cory Grenier, CEO of Geenee Inc., said:

"Culturally significant products often deliver useful multisensory experiences, at an accessible price point, in a more convenient and intuitive form. In this regard, Lucyd has been a trendsetter, converging audio entertainment and intelligent AI logic into sleek and stylish eyewear. Personalized virtual try-on kiosks, like the Lucyd® Kiosk, extend this hands-free utility to the retail environment."

Innovative Eyewear Inc. expects the Lucyd Kiosk to debut in select retailers later this year, and the new virtual try-on experience is expected to launch on Lucyd.co by Q4 2024, along with other site-wide improvements. For a live demo of the try-on with the Lucyd Antimatter XL style, visit here.

Image courtesy of Innovative Eyewear, Inc.

About Innovative Eyewear, Inc.

About Geenee, Inc.

Geenee is an AI-based 3D personalization platform transforming how people digitally interact and transact through virtual try on ads, ecommerce and AR Mirrors. Geenee personalization platform partners include brands such as SHEIN, L'ORÉAL, John Hardy, and major eyewear manufacturers. To learn more, please visit Geenee.ar, or Try-on.io.

Tekcapital currently owns 259,455 shares of Innovative Eyewear, Inc.

Clifford M. Gross, Ph.D.

Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees (Corporate Broking)

Tim Thompson/Andrea Seymour/Fergus Mellon