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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.