Google parent company Alphabet (GOOGL) is developing new smart glasses as it re-enters the wearable technology sector.
At its annual I/O developer conference, Alphabet announced that it has struck as partnership with eyeglass retailer Warby Parker (WRBY) to make future smart glasses.
News of the partnership sent Warby Parker’s stock up 16% on May 20. Alphabet has committed up to $150 million U.S. as part of the agreement.
That investment includes an upfront commitment of $75 million U.S. into product development, as well as an additional $75 million U.S. for Warby Parker if the eyeglass maker meets certain project milestones.
Alphabet said it plans to launch its next generation smart glasses with Warby Parker, with the first devices set to arrive in 2026.
The smart glasses will be built on top of Google’s Android XR, an operating system that’s primarily used with headset computers.
The new smart glasses will include Google’s Gemini artificial intelligence (A.I.) assistant that users can control with voice commands.
In announcing the new smart glasses, Alphabet and Warby Parker are taking aim at the rival partnership between Meta Platforms (META) and EssilorLuxottica, the maker of Ray-Ban sunglasses.
Meta and Luxottica launched the second edition of their smart glasses in 2023, and the two companies are set to rollout third generation smart glasses later this year.
The new smart glasses are a return to the world of wearable tech for Alphabet. The company launched its futuristic Google Glass device in 2013 to poor sales and privacy complaints.
Alphabet’s Class A stock has declined 13% this year to trade at $163.98 U.S. per share.
