Google to fund Taiwanese chipmaker to push Google Glass Jul 22nd 2013, 11:11
(Reuters) - Google Inc will take a 6.3 percent stake in the unit of Taiwanese chipmaker Himax Technologies Inc that develops display technology for devices such as Google Glass, Himax said.
The investment will help fund the production of liquid crystal on silicon chips and modules used in head-mounted devices such as Google Glass, head-up displays and pico-projectors, Himax said in a statement.
Google, which reported lower-than-expected results last week, is pushing forward with Google Glass, a product which CEO Larry Page has described as vital to the company's future success.
The agreement also allows Google to raise its stake in the unit, Himax Display Inc, to 14.8 percent within a year, Himax said.
Financial details of the deal were not disclosed.
Google Glass, announced in June last year, is a stamp-sized electronic display mounted on the left side of a pair of eyeglass frames that can record video, access messages and retrieve information from the Web.
With this investment, Google will join Intel's Intel Capital Corp, Khosla Ventures I LP and KPCB Holdings as a core shareholder of the chipmaker's unit.
The transaction is expected to close in the current quarter.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sreejiraj Eluvangal)