Vuzix Corporation (NASDAQ:VUZI) entered into a distribution agreement with extended reality (XR) technologies, including 4G/5G and IoT for industry purveyor, Westbase.io.
Vuzix picked up and shipped a significant first purchase order from Westbase.io, which will be responsible for distribution across Europe from its UK and EU-based warehouses.
“Westbase.io is pleased to be adding the Vuzix product range to our portfolio as a distributor in the Nordics, Benelux, UK and Ireland. We’re increasing our investment in, and focus on, Extended Reality (XR) as part of our connected technology strategy; Vuzix’ industry experience and innovative product line provide a further platform for growth in this fast-moving market sector. By combining Vuzix’ augmented reality smart glasses with Westbase.io’s operational technology experience, and our value-added approach, the XR ecosystem we will offer to our partners is class-leading,” said Sacha Kakad, managing director of Westbase.io.
Vuzix builds Smart Glasses and augmented reality (ARC) technology and products for consumers and enterprise markets alike. Its products include personal display and wearable computing devices offering users a portable viewing experience, providing solutions for mobility, wearable displays and AR. The company has a strong intellectual property portfolio, including 275 patents and patents pending and plenty of licenses in the Video Eyewear field. The company has also won Consumer Electronics Show awards for innovation for the years 2005 to 2022.
Westbase.io, in contrast, has been around for three decades, working with enterprise customers. It has distributed assets and workforces, providing technologies that connect workers and improve communications, education and operations. The company is a channel-only business with XR technologies for use in industry and enterprise. The deal with Vuzix to hte company’s portfolio will give its partners better access to strong tech, giving them a chance to address an even wider range of use cases. The verticals Westbase.io generally serves as utilities, automotive, healthcare and manufacturing.
“We are thrilled to be partnering with Westbase.io, a leading distributor who is well positioned to provide us with new and diverse distribution opportunities in a high demand region. We look forward to supporting their efforts to help their customers gain competitive advantages within their respective industry verticals,” said Paul Travers, president and CEO of Vuzix.
Earlier this month, Vuzix received and started delivering on a smart glasses order for a large United States-based retailer, and pulled in $350,000 for the deal. There’s no details on how much money the company made for this particular deal, but it’s clearly a step forward, especially given that the global smart glass market size was valued at USD 5.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.3 per cent from 2022 to 2030.