Tekcapital PLC (LON:TEK) subsidiary Lucyd is launching a cryptocurrency token sale to fund its range of augmented reality glasses. Token sales are a new trend and usually involve a company setting up a cryptocurrency based on a digital product, in this case Lucyd's AR technology, and then use the blockchain ledger to monitor transactions.
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Lucyd was set up by TekCapital to commercialise 13 optical technology patents it acquired from the University of Central Florida. The token sale will raise up to US$10mln to fund the development of Lucyd's augmented reality glasses and software apps based on the patent portfolio. “Proceeds from the token sale will not be dilutive for Tekcapital shareholders and represents an innovative financing method to accelerate the development of Tekcapital's portfolio companies,” said the statement. Lucyd is now at a stage to manufacture prototype AR glasses that are lightweight, look like regular glasses and incorporate see-through displays with eye tracking technology. Market research has estimated the market for AR Glasses will be worth over US$80bn by 2021 and Tekcapital believes that Lucyd is well-positioned in this market. AR Glasses are wearable technology and in essence include a computer screen within glasses. Clifford Gross, TekCapital’s executive chairman, said: "We are excited to announce this token sale to accelerate the commercialisation of Lucyd's leading AR technology and enhance the value of our portfolio company."