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Here's your afternoon T&B Tech Minute for Thursday, October 16th. I'm Julie Chang for the Wall Street Journal. A new bank co-founded

by Palmer Lucky is looking to fill the gap left by Silicon Valley Bank. SvB collapsed in

2023, and it nearly took down Lucky's defense startup and Earl with it. According to people

familiar with the matter, the co-founder has been building Erebor ever since

and what he hopes can be a replacement. Arabor won preliminary regulatory approval yesterday to serve

technology and cryptocurrency firms. It's raised $275 million and it's backed by a number of investors,

including Peter Thiel, Bain Capital Crypto, and 776.

Lucky will not have an operating role in the new bank, but will be on its board.

The maker of Rayban glasses, SLOL Exotica, has reported its best quarter yet.

The iWare group posted record-breaking quarterly revenue the equivalent of $8 billion,

up 12% from last year and beating analysts' expectations. The company has teamed up with

meta to create smart glasses featuring artificial intelligence. It said consumer appetite

for AI glasses remain strong, and it was boosted further by the presentation

of three new models.

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