Warby Parker (WRBY) said Tuesday it formed a partnership with Alphabet's (GOOG, GOOGL) Google to develop artificial intelligence-powered glasses for all-day wear.
Google will invest up to $75 million in Warby Parker's product development and commercialization costs, and the tech giant also committed to investing up to $75 million in Warby Parker at the eyewear designer's option and subject to reaching certain collaboration milestones.
The companies expect to launch their first smart glasses model, which will incorporate multimodal AI with prescription and non-prescription lenses, after 2025, Warby Parker said in a statement.
Warby Parker shares surged 21%, and Alphabet fell 0.7%.
Price: 21.34, Change: +3.75, Percent Change: +21.32
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