Vuzix said on Friday that Intel invested $24.8 million in the company to accelerate the launch of Internet-connected glasses. Intel bought preferred stock that is convertible into common shares equivalent to 30 percent of Vuzix, Vuzix said.

Vuzix develops Internet-connected glasses and other video eyewear aimed at consumers, businesses and entertainment.

Intel has been trying to to be at the forefront of future trends in mobile computing and expand into new markets, including smart watches and other Internet-connected devices. The company has joined forces with Luxottica to develop glasses that combine its top fashion brands with technology that could allow wearers to access information about their health or location.

Intel has also teamed up with watch retailer Fossil Group and fashion brand Opening Ceremony to develop wearable devices such as fashion bracelets with communications features and wireless charging.