Multinational chip maker company Intel Corporation has invested US$24.8 million in New York-based software and smart glasses developer Vuzix, acquiring 30 percent of the company's stock.

Vuzix, a New York-based tech firm established in 1997, is popular because of its video eyewear technology for the consumer, commercial and entertainment markets.

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Vuzix unveiled its M100 smart glasses during the 2013 Consumer Electronics Show. The M100 smart glass features have been updated many times while offline support has been added for the device's Nuance voice control feature.

Vuzix also added a capability that allows the M100 to be used with iOS devices.

"Intel's investment will be used for general working capital to accelerate the introduction of Vuzix next generation fashion-based wearable display products into the consumer market," said Vuzix.

In addition to the Vuzix, Intel also teamed up with Italian eyewear firm Luxottica, watch retailer Fossil Group and fashion brand Opening Ceremony.

Intel plans to partner with Luxottica to integrate its technology with the Italian company's top fashion brands. With Opening Ceremony, Intel intends to develop fashion bracelets that use communications technology and wireless charging.

TagsIntel, Vuzix, Eyewear Technology, Smart Glasses, 2013 Consumer Electronics Show, M100 Smart Glass, Luxottica, Fossil Group, Opening ceremony