Intel Corp. has invested $24.8 million in OTCBB-listed smart glasses maker Vuzix Corp. for a 30 percent stake in the company.

Under the deal Intel has received 49,626 of Vuzix’ Series A preferred stock at a premium price of $5.00 per share; the stock closed Friday at $4.21 a share.

With its 30 percent holding, Intel gains the right to appoint two members to Vuzix Board of Directors, in addition to the company’s current five members.

Founded in 1997, Vuzix is a supplier of video eyewear products to the consumer, commercial and entertainment markets. Its products are said to offer display devices that offer users a portable high quality viewing experience, in areas including wearable displays and virtual and augmented reality.

In addition to its eyewear products, Vuzix holds “39 patents and 10 additional patents pending and numerous IP licenses in the Video Eyewear field,” and is a multiple winner at CES from 2005 to 2013.

Based in Rochester, NY, the company also has offices Oxford, U.K. and Tokyo, Japan.

It’s an interesting investment by Intel at a time many pundits have written off Google Glass (and in general the smart glasses space), but to be fair the Vuzix makes more than just smart glasses. Another product, the Wrap 1200DX, is a virtual reality headset that is perhaps a more down market competitor to the Facebook Inc.-owned Oculus Rift.

ZDNet notes that the investment is a lifesaver for Vuzix, as the company reported third quarter revenue of $664,586, up 96 percent from a year ago, and it’s a hedge bet for Intel into wearables as the market potentially takes off.

The value though may be in the patents, and with the cash injection and related support of Intel as a significant minority shareholder, Vuzix may see better days ahead.

Image credit: Vuzix.