Innovative Eyewear, Inc.
Prescription Smartglasses with Voice-controlled Social Media App
Miami, FL
Electronics
Innovative Eyewear produces beautiful, affordable glasses with Bluetooth capabilities. Our flagship Lucyd® e-glasses enable the wearer to listen to music, talk on the phone, and use voice assistants to perform many common mobile functions handsfree. Additionally, we are developing a voice-controlled app called Vyrb™, which will allow eyeglass wearers to listen and respond to social media posts with their voice, without looking at their smartphones. Our smart eyewear acts like headphones and glasses in one, bringing vision correction and protection together with digital connectivity and clear audio, and offers a safer solution for listening to music outdoors compared to in-ear headphones.
$825,626
raised
3,154
Investors
$3.75M
Valuation
$1.00
Price per Share
$100.00
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
Reg CF
Offering
Rewards
Get rewarded for investing more into Innovative Eyewear, Inc.:
$100+
Investment
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$100+
Investment
All Investors Club:
Access to exclusive investor group on Whatsapp.
Ongoing 10% discount on Lucyd frames and lenses through December 31st, 2021.
Affiliate program Legend Membership. Share Lucyd with your network and receive a boosted 15% cash bonus when they purchase
$500+
Investment
First Volume Tier
$500 (Free pair of Lucyd Lyte Bluetooth designer glasses)
$50,000+
Investment
Fourth Volume Tier
$50,000+ (Two pairs of Lucyd Lyte + free entry into any new beta smartglass programs + 25% bonus shares + preferred access to team management)
Reasons to Invest
Launching Bluetooth prescription glasses that match the fit and finish of designer eyewear, costing the same as regular glasses to enable mass market adoption. Strong intellectual property position with exclusive rights to 21 total pending patents, including four utility patents and 17 design patents.
Developing a breakthrough new app called Vyrb which will enable voice posting to social media platforms such as Twitter and Facebook with the glasses.
Three-year exclusive brand ambassador contract with NFL star Richard Sherman, Super Bowl Champion. Richard Sherman was previously a brand ambassador for Beats headphones, which was acquired by Apple.
“Upgrade Your Eyewear®”
Our Story
Creating a seamless experience between eyewear and your digital life
Innovative Eyewear was established to upgrade the world’s glasses, by producing fashionable and affordable prescription frames with Bluetooth features, enabling the wearer to both correct their vision and be connected with their digital life. Our team was the first to develop Bluetooth prescription glasses two years ago, and we continue to develop, manufacture and sell them around the world.
Innovative Eyewear's mission is to make a new generation of Bluetooth glasses, that are indistinguishable from high fashion eyewear in looks and price, and provide the ability to perform many smartphone functions using just your voice. We offer a unique combination of prescription, wearable utility, safer mobile computing, and fashion at a great price. Previously, under the Lucyd brand, our team was the first to deliver prescription Bluetooth eyewear, and one of the first to produce a line of Bluetooth eyewear in an expansive line of 10 fashionable patterns.
Our team first entered the smart eyewear industry in 2017, when we founded Lucyd Ltd. We began conducting research projects into smart eyewear that year, and came out with our first product, the Lucyd Loud 1.0 glass, in 2018. Now in 2020, we have formed Innovative Eyewear Inc to begin expanding our business in the US. To help with this and consolidate our operations, we licensed our IP portfolio from Lucyd Ltd to Innovative Eyewear.
The Problem
Hands-free technology is expensive, and handheld devices present a safety hazard to pedestrians and cyclists
The number of devices with voice assistant capabilities has risen meteorically to 3.25 billion units, indicating a need for users to be able to more freely access voice AIs. Consumers are looking for tech-enhanced glasses, similar to the preference for smartwatches versus traditional timepieces, but few if any tech eyewear products exist which fully address the needs of prescription glass wearers while enabling smart functions and being affordable, comfortable for all-day wear, and attractive.
Having developed a dependence on smartphones for information, people constantly focus their attention on their screens, thus distracted from their surroundings. Pedestrian fatalities increased by 60% from 2009 to 2018, due in large part to the widespread use of smartphones by drivers and pedestrians alike.
The Solution
Comfortable, affordable smartglasses that seamlessly integrate your eyewear with your digital life
We have set out to enable eyeglass and sunglass wearers to interact with AI voice assistants and social media handsfree, thereby improving the safety and convenience of accessing digital information and apps. Our eyewear provides glasses and a bluetooth headset in one unit.
We are developing a new form factor for Bluetooth eyewear that looks like fashionable optical glasses, but also enables useful smart features when connected to your phone, smartwatch or computer. We’ve created a line of comfortable and affordable smartglasses that add tech capabilities without sacrificing anything from a typical eyewear experience. We are going to enhance those capabilities with an app called Vyrb, that will expand the power of voice assistants.
Our Traction
Exclusive partnerships and a first-to-market advantage
In March 2020, Innovative Eyewear, Inc. acquired the exclusive license to use the Lucyd IP, eShop and brand. Lucyd has developed and sold over 2,000 pairs of Bluetooth eyewear during the past three years, and launched three different product lines. We’ve secured a three-year brand ambassador contract with NFL star Richard Sherman to help build awareness for our product.
We have the exclusive license to four utility patent applications and seventeen design patents from Lucyd Ltd that we believe provide a strong competitive advantage in the tech eyewear space:
A mobile application that provides methods for organizing and prioritizing wireless connections, including the flow of audiovisual information among multiple connected devices.
A mobile application called Vyrb™, which enables the user to engage with social media using their voice, and program specific keywords to activate data retrieval and other automated actions via their mobile device’s voice assistant
Glasses-as-a-Service™ is made of two hardware patents that describe modular Bluetooth eyewear with user-replaceable frontplates, enabling the wearer to change the look and lens function at a low cost compared to buying a whole new smartglass.
Design patents adding additional protections to our Loud Youth line and our Glasses-as-a-Service™ IP.
Beta Tester Feedback
As a community-powered company, user feedback drives our product improvements and line expansions. We’ve already begun to collect feedback on Lucyd Lyte. To see all of our reviews so far, please visit the Lyte Amazon page.
CHAD GAINOR
"For starters, I am no stranger to sound glasses—I have owned 3 versions from Lucyd as well as Bose Frames. This is the first pair that looks like normal glasses. The arms are slim and the glasses themselves are not noticeably heavier than regular glasses."
ALEX BARANSKY
"These glasses are PERFECT for riding and have transformed my exercise routine. I'm able to listen to music but still be aware of cars and people around me, which is an absolute game changer. I don't go riding without these anymore."
DEREK CARMAN
"It really is so hard to comprehend how effective and luxurious the glasses feel for the price. As someone who imagined my Lucyd shades best on the golf course, I enjoyed them just as much strolling along downtown."
CHRISTINE GULSARAN
"It makes things so much more convenient for me. I don't have to worry about losing my headphones or charging my wireless ones. The price is also way more affordable than at my optometrist's office."
All-Star Ambassador
Richard Sherman sporting the Lytening model with Blue Light+ lenses
There are many wearable startups trying to make waves in this exciting new sector. But only one is supported by Richard Sherman, a record-smashing cornerback in the NFL. With our three-year ambassadorship contract, we gain significant exposure to his following of over four million fans across Twitter and Instagram, as well as multiple video shoot opportunities. In 2019, we released a special edition Sherman Shades sunglass set, which included four different variants that introduced unique innovations, including a novel light-reactive blue light glass, a blue light blocking sunglass, and more. Over 2,000 pairs of Sherman Shades were sold on Amazon.
#25 isn’t just another athlete–he’s a Stanford grad, a tech entrepreneur, and founder of a charity for disadvantaged youth. Since Lucyd e-glasses are not just eyewear, but revolutionary fitness tech, Richard is a natural fit. He reached out to our team in 2018 to get involved in the Lucyd brand, and we never looked back. Watch Richard introduce the new Lucyd Lyte line here.
The Market
Innovative Eyewear sits at the intersection of three growing markets
The current online market for eyewear is US $3.8B. Approximately eight million pairs of prescription eyeglasses were sold online in 2018.
The market for digital assistants like Siri, Google Voice and Alexa have grown rapidly. There will be an estimated 8 billion digital voice assistants in use by 2023, up from the 2.5 billion assistants in use at the end of 2018.
The wireless “hearables” market is projected to sell 230 million units in 2020. Sales of “Hearables” garnered $21.2 billion in 2018, and is estimated to reach $92.46 billion by 2026, growing at a CAGR of 17.2% from 2019–2026.
How We Are Different
The smartest glasses for the price
While many companies offer some kind of tech eyewear, very few are suitable for extended wear and are delivered with corrective lenses, which are needed by ⅔ of the population. According to user reviews on Amazon, even fewer are of high quality, or are attractive enough for the fashion conscious buyer. None of our competitors currently offer voice control of social media apps such as Facebook and Twitter. Other smart eyewear products tend to lack touch controls or have imprecise control systems, whereas Lucyd frames have easy and reliable one-touch controls. For example, on Lucyd frames you can adjust volume, skip tracks, use your voice assistant and answer calls with a click.
*Lucyd.co charges $35 to add a basic prescription. Bose charges $126.
A leading competitor, Bose® Frames, is in another price category at nearly double the cost of our products, and in our view not as fashionable. The cost to add a prescription to a Bose frame is much more expensive at over $125 extra, while Lucyd frame prescriptions start at $35. The total cost of a Lucyd prescription frame is $155, compared to $326 for Bose. Their product is also in a larger sunglass form factor, while Innovative Eyewear is developing an optical line. Further, none of the competitors offer a proprietary voice-controlled app called Vyrb™ which allows you to listen and post to your social media programs using your voice, without looking at your phone. (Vyrb images are computer generated demo versions. Product is still currently under development.)
Simulated Vyrb Interfaces
The Business Model
Direct-to-consumer and wholesale sales channels
Innovative Eyewear has two major sales channels, one being ecommerce via the Lucyd eShop, Amazon and Walmart.com, and the other being reseller outreach to retail eyewear and sporting goods establishments. Innovative Eyewear also offers two affiliate platforms for peer-driven sales.
Innovative Eyewear has two levels of margins, one for direct-to-consumer which is higher, and one for wholesale which is more competitive. Our frame margins are approximately 60% for direct-to-consumer and 38% wholesale. We have an average profit margin of 20% on custom and prescription lenses.
The Vision
Becoming a pioneer in the tech eyewear industry
As part of our mission to make smart eyewear accessible to the mass market, we are seeking to develop a complete line of Bluetooth eyewear for every size and style preference. When paired with the Vyrb app, Lucyd Eyewear will provide a new, safe and wearable user experience.
We believe that in 5 years, 20% of the online eyewear market will be Bluetooth-enabled frames. As a result of this expanding ecosystem that Innovative Eyewear is helping to pioneer, we are planning to earn a leadership position in the tech eyewear market under the Lucyd brand.
Our Team
A team with expertise across the eyewear, tech, and online spaces
In addition to being passionate about tech eyewear, the Innovative Eyewear team has a significant background in technology and product commercialization. We are motivated to bring real value to our customers by delivering them a product that is not available from anyone else--smart eyewear in a lean and fashionable form factor, enhanced by cutting-edge mobile applications.
Why Invest
A unique position in multiple growing markets
Innovative Eyewear is well-positioned to develop the first mainstream smartglasses because our team has been in the space for years and understands from a personal and consumer perspective the market drivers for success in this emerging sector. Innovative Eyewear has licensed a large portfolio of IP for a young company, with exclusive rights to 20 pending patents (both design and utility) that create a technology moat in this sector. We are looking for investors to help us continue to push the technology and design of smartglasses forward to create a safer, more comfortable, and affordable experience for those looking to embrace innovation. Help us bring about the future of eyewear. With your investment, we believe we can bring smart eyewear into a lightweight spectacles format suitable for everyone, and launch the exciting Vyrb social media app to bring the voices of the world together.
In the Press
Offering Summary
Company | : | Innovative Eyewear, Inc. |
Corporate Address | : | 66 W Flagler St. Suite 900, Miami, FL 33130 |
Offering Minimum | : | $10,000.00 |
Offering Maximum | : | $1,070,000.00 |
Minimum Investment Amount(per investor) | : | $100.00 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 10,000 |
Maximum Number of Shares Offered | : | 1,070,000 |
Price per Share | : | $1.00 |
Pre-Money Valuation | : | $3,750,000.00 |
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
COVID Relief
This offering is being conducted on an expedited basis due to circumstances relating to COVID-19 and pursuant to the SEC’s temporary COVID-19 regulatory relief set out in Regulation Crowdfunding §227.201(z).
Expedited closing sooner than 21 days.
Further, in reliance on Regulation Crowdfunding §227.303(g)(2) A funding portal that is an intermediary in a transaction involving the offer or sale of securities initiated between May 4, 2020, and August 31, 2020, in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an issuer that is conducting an offering on an expedited basis due to circumstances relating to COVID-19 shall not be required to comply with the requirement in paragraph (e)(3)(i) of this section that a funding portal not direct a transmission of funds earlier than 21 days after the date on which the intermediary makes publicly available on its platform the information required to be provided by the issuer under §§227.201 and 227.203(a).
Perks* and Investment Incentives
All Investors Club:
Access to exclusive investor group on Whatsapp.
Ongoing 10% discount on Lucyd frames and lenses through December 31st, 2021.
Affiliate program Legend Membership. Share Lucyd with your network and receive a boosted 15% cash bonus when they purchase Lucyd eyewear.
Early Bird
These discounts are in addition to the volume tiers.
First 48 hours - Friends and Family Early Birds | 15% bonus shares
Next 7 days - Early Bird Bonus | 10% bonus shares
Volume
$500 (Free pair of Lucyd Lyte Bluetooth designer glasses)
$5,000+ (Lucyd Lyte + 10% bonus shares)
$20,000+ (Lucyd Lyte + 15% bonus shares)
$50,000+ (Two pairs of Lucyd Lyte + free entry into any new beta smartglass programs + 25% bonus shares + preferred access to team management)
*All perks occur when the offering is completed.
The 10% Bonus for StartEngine Shareholders
Innovative Eyewear, Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of common stock at $1 / share, you will receive 110 shares of common stock, meaning you'll own 110 shares for $100. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are cancelled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Irregular Use of Proceeds
The Company will not incur any irregular use of proceeds.
Show More
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Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
Notice of Funds Disbursement
2 days ago[The following is an automated notice from the StartEngine team].
Hello!
As you might know, Innovative Eyewear, Inc. has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Innovative Eyewear, Inc. be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
Mar 1 Update - Vote for the Next Lyte!
6 days agoHello InnoEye community,
Thank you so much for your support. We have now raised $800,000 from over 3,000 investors! We humbly ask that you consider letting your network know about this exciting opportunity to become a part of the smart eyewear revolution. With your help, we believe we can complete our raise this month!
We are already working on our next styles of Lucyd Lyte, planned to release this summer. We're planning three new styles, and one will be selected by our community! Join the new contest here and let us know which is your favorite. Best of all, two lucky voters will receive a FREE Lucyd Lyte!
The next round of free Lyte codes will be sent tomorrow. Keep an eye out if you're a recent investor!
Finally, we had an amazing photoshoot last week, which will really improve our brand materials. Take a look at some of our favorite shots below!
Want a Lyte with sweet colorized lenses like above? Use the Select Lenses button on our site to customize your Lyte!
Thanks so much,
InnoEye Team
Feb 25 Update – New CEO Interview, 3,000 Investor Mark, Campaign Extension
10 days agoHello InnoEye investors,
Thanks for participating in our mission to upgrade the world's eyewear! Our groundbreaking Lucyd Lyte e-glasses are making waves, with over 50 five-star reviews coming into Lucyd.co in the last month since launch.
What's even more amazing about our frames is that they were built, selected and beta tested by a community of thousands of eyewear and tech fanatics around the world! That's right–thousands of people have joined our cause, over three thousand to be precise. That's because our community sees the value that Lucyd is bringing to the market, as a pioneer in ergonomic and fashionable smartglass design. And our customers are certainly taking notice.
We have a great new interview out with InnoEye CEO and Lucyd brand creator Harrison Gross. Watch it here to get our latest updates straight from the source, and see some terrific feedback from an up-and-coming podcaster.
We also have a new comparison review against the Bose Frames 2.0! Check it out here, from DJ Joe Bunn.
Keep an eye out on CNN and CNBC from March 1st-March 8th, we're planning another nationwide TV flight! Our last run was a terrific success, check us out on CNN, getting major coverage:
Finally, our kickoff of the Lucyd concert series last night with musician Ryan Neal was fantastic. It's a great start to the expansion of our influence in the music world.
Thanks everyone!
InnoEye Team
Notice of Material Change in Offering
11 days ago[The following is an automated notice from the StartEngine team].
Hello! Recently, a change was made to the Innovative Eyewear, Inc. offering. Here's an excerpt describing the specifics of the change:
Innovative Eyewear, Inc. is extending their campaign by 60 days.
When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.
Notice of Funds Disbursement
18 days ago[The following is an automated notice from the StartEngine team].
Hello!
As you might know, Innovative Eyewear, Inc. has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Innovative Eyewear, Inc. be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
Feb 8 Update - Smashing our Sales Records, New Influencers!
27 days agoHello InnoEye investors, followers and customers,
Thanks so much for joining our mission to upgrade the world's eyewear!
First off, take a moment to read the rave reviews rolling in from our customers.
So we've got these great new e-glasses out, but what has it meant for our bottom line? Sales are up a staggering 179% month over month (December to January) since we released the Lyte. And this only counts our main Shopify channel, we are also seeing an uptick in Amazon sales, with approximately a 200% jump since we released the Lyte.
Additionally, we have some awesome new fitness influencer reviews of the Lyte! Check out @leahmward_'s post here:
And check out this post from weightlifter @AlexandraHeight:
That's it for now. Keep rocking out with that Lucyd Lyte!
Best,
InnoEye Team
Notice of Funds Disbursement
27 days ago[The following is an automated notice from the StartEngine team].
Hello!
As you might know, Innovative Eyewear, Inc. has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Innovative Eyewear, Inc. be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
Feb 2 Update - Free Lyte Code Update & New Features
about 1 month agoHello to our amazing community!
We have some awesome news for you today. We just sent out the second round of Lyte codes, for those who reached $500 invested between 12/16/20-1/16/21. If this applies to you, be sure to check your inbox for an email from us with the title, GET YOUR COMPLIMENTARY NEW LUCYD LYTE E-GLASSES NOW!
If you reached $500 before or during this time span, and don't see your code, reach out to us through Lucyd.co. If you reached it after, your investment is still processing and you will get your code at the end of the month.
We just got in an incredible review video from influencer and musician Ryan Neal! Check it out here.
We also just got a fantastic in-depth review from someone who loves to use their Lucyd Lyte on the slopes! Read it here.
Got your Lyte? Leave a review with a photo on Lucyd.co and receive a $20 gift card to our shop! Just contact us through Lucyd.co to claim.
Did you see our new student/educator/military discount? We're giving 18% off to you, just reach out if you need the code.
Thanks for everything, and for making our crowdfund a smashing success! We couldn't do it without you.
All the best,
InnoEye Team
Notice of Funds Disbursement
about 1 month ago[The following is an automated notice from the StartEngine team].
Hello!
As you might know, Innovative Eyewear, Inc. has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Innovative Eyewear, Inc. be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
Jan 25 Update - $500k Mark, Lyte in Review!
about 1 month agoHello to our amazing investors and customers!
Thanks for all your support in the creation of Lucyd Lyte. Our new product was built in real-time with help from our fans right here on this page. It's incredible what we have accomplished together. And now we have reached the unbelievable milestone of $500,000 raised from a community of over 2,000 early adopters, eyewear lovers and tech investors!
Rave reviews of Lyte have started to come in on Lucyd.co, click here to read them!
Sales have begun of Lucyd Lyte on Amazon Prime. It's a great place to order if you need a pair Lytening-fast!
Thanks all! Don't forget, you have until the end of the crowdfund to reach $500 invested and get a free Lucyd Lyte! Codes are sent out at the end of the month to eligible investors, if you haven't seen yours yet, let us know! Finally, check out this awesome feature from fitness influencer @NickStahlOfficial.
All the best,
Team InnoEye
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