Kurt Schulte, left, and Lou Alloway.

Succession

Schulte Restorations, 14 Mercer Street, Hopewell 08525. 609-466-8230. Lou Alloway, president. www.SchulteRestorations.com.

Kurt Schulte, founder and owner of Schulte Restorations on Mercer Street in Hopewell, is retiring and will be turning over ownership and operations of the company to Lou Alloway, the company’s sales and estimating manager.

Schulte, a 1982 Princeton University graduate, founded Schulte Restorations in 1985 as a general contracting company, focusing on restorations of historical homes in the greater Princeton area. Through the years the company undertook larger, more complex reconstruction and restoration projects.

Alloway, a fifth-generation master carpenter, joined Schulte Restorations in 2002. For a brief period, Alloway left Schulte Restorations so he could run another general contracting concern, rejoining Schulte Restorations last year.

“We think a lot about the ‘personality’ of Schulte Restorations, and we’re very proud of it,” Schulte said. “Our work and our relationships with our customers, contractors, vendors, and employees are an outgrowth of that. Lou has been an integral part of our company and history since 2002, and he’s uniquely qualified to carry it on.”

“Leaving something I’ve built over the last 35 years is not easy. I’ve loved my job and the people I work with every day. But it’s time for me to leave it in the hands of someone I trust and to try new things,” Schulte said. “I’m looking forward to having the time to travel more, to read more, and to explore new areas of interest.”

The transition of Schulte Restorations to Alloway’s control and ownership is underway and will be complete with Schulte’s official retirement on December 31, 2019.

Third Eye Launches X2 Glasses

ThirdEye, a company that makes mixed-reality and augmented-reality glasses, has launched its X2 glasses, which it says are the world’s smallest mixed-reality glasses (U.S. 1, June 19, 2019). The glasses are being marketed for commercial use in field services, health care, manufacturing, airlines, architecture, education, and insurance.

The X2 glasses weigh six ounces, offer a 42-degree field of view and include thermal, ambient light, and flashlight sensors and built-in proprietary SLAM (simultaneous localization and mapping) system, called VisionEye SLAM, that allows for advanced MR features not available on a monocular device. The glasses also include two gray-scale cameras, a high-resolution RGB camera (13-megapixel HD), three-axis gyroscope, three-axis accelerometer, and three-axis compass. A 1750mAh single battery and noise-cancelling microphones allow for long battery life, 40 percent faster charging with quick charging, and audio commands.

The X2 Glasses run on the Android operating system with hundreds of apps in the ThirdEye App Store. ThirdEye also offers ThirdEye Workspace, an enterprise software platform built into the X2 Glasses, which includes advanced AR/MR capabilities such as live AR remote help and 3D SLAM based CAD modeling and overlay.

“Our goal is to become the most recognizable smart glasses in the AR and MR industry, and so far we’ve created the widest field of view in the smallest form factor possible,” said Nick Cherukuri, founder of ThirdEye Gen. “The X2 Glasses are unlike anything else on the market right now — between the affordable price tag, powerful technology and beautiful form — we are giving workers all across the enterprise the opportunity to really elevate their level of work. Coupled with our advanced AR software platform, we’re simultaneously providing companies with nearly 40 percent savings in productivity improvements.”

ThirdEye is one of the first companies to integrate 5G into its products and services. By adding 5G mobile edge computing into the X2 Glasses, it provides a much larger bandwidth and lower latency, allowing for more data to be transferred at a higher speed. The company was also recently granted two significant patents to further develop its technology and establish leadership within the AR/MR space — OLED Driver and AR Assistance Large Data Streaming.

TheX2 Glasses are now available for purchase at $1,950 and will be delivered in October.

ThirdEye Gen, 300 Alexander Park, Suite 206, Princeton 08540. 609-423-1660. Nick Cherukuri, founder. www.thirdeyegen.com.

Investment News

Edison Partners, 281 Witherspoon Street, Suite 300, Princeton 08540. 609-896-1900. Chris Sugden, managing partner. www.edisonpartners.com.

Edison Partners made two major investments this summer, leading financing for mobile banking platform MoneyLion and healthcare data platform PurpleLab.

New York-based MoneyLion offers fee-free checking, zero-fee managed investment accounts, low-cost credit, rewards opportunities, and other features. In 2019 the MoneyLion financial membership grew at an annualized rate of more than 1,000 percent with respect to both accounts and daily average transactions, Edison Partners said in a press release about the transaction.

“MoneyLion takes a wholly unique approach to consumer financial services by bundling banking, credit and investing under one roof and giving millions of Americans their first opportunity to navigate savings, wealth creation and financial management responsibly and conveniently, without the associated high banking fees,” said Chris Sugden, managing partner at Edison Partners, who led the investment and is a current board member. “CEO Dee Choubey and team are building a powerful financial membership with proven economics and capital efficiency. We’re thrilled to continue to help MoneyLion bring their full-stop financial shop experience to more consumers and achieve their long-term goals.”

Edison did not disclose the amount of its investment in MoneyLion.

The firm also led $3 million in growth financing for Purple Lab, a healthcare data and analytics platform based in Furlong, Pennsylvania.

The company will use the capital to bolster its analytics capabilities and sales and marketing operations.

PurpleLab utilizes medical and prescription claims data to produce quantitative and predictive performance measures for 1.8 million healthcare providers across the nation.

“Outcomes and costs are the most important metrics in healthcare today. Our platform harmonizes medical terminologies and provider reference data to help researchers and analysts gain predictive insights into provider-level outcomes and costs before they happen,” said Mark Brosso, founder and CEO of PurpleLab.

“PurpleLab has the potential to become an industry leader with a differentiated solution that provides a holistic view of care to better measure outcomes, effectiveness, and cost efficiencies, which is paramount for value-based care models,” said Gregg Michaelson, partner at Edison Partners, who led the investment. “Mark Brosso, who previously founded and led Edison portfolio company Health Market Science, has deep expertise in the industry and repeated successes in healthcare analytics.”

Deaths

Christopher Valentine Dietz, 83, on September 14. He held many positions during his political career including administrative law judge in Trenton and president of the state Parole Board, where he revolutionized the parole system to refocus its efforts on rehabilitation and reintegration.

John Apai, 86, on September 12. He was a well-known photographer who owned a photography studio in Princeton for more than 25 years.

Andrew Spencer Bruno, 87, on September 5. He learned the art of marketing at Gallup and Robinson and in 1970 founded his own business, Spencer Bruno Research Associates, which continues today as Bruno and Ridgway Research Associates in Lawrenceville.

James H. Moore, 85, on March 21. He worked for Gallup & Robinson in Princeton as an account executive, conducting research studies on advertising effectiveness. He was later vice president and director of client services with Mapes and Ross, Inc., another Princeton-based advertising research firm, and also worked at several New York firms.

Jean H. Esch, 86, on September 8. She worked as a bookkeeper for Gordon & Wilson Plumbing in Hightstown. She then worked for Leonard Van Hise Real Estate for 17 years as a saleswoman and office administrator. After leaving the real estate agency, Esch worked as the tax collector for the Borough of Hightstown. She completed her career working for New Jersey State Interscholastic Athletic Association in Robbinsville for nine years, retiring in 2004.

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