WaveOptics, the world designer and manufacturer of waveguide displays, the key optical component used in Augmented Reality (AR) wearables, has closed an oversubscribed $39m (£30m) Series C funding round. WaveOptics raised an additional $13m (£10m) in the final stage, having raised an initial $26m (£20m) in December 2018.
This final stage was supported by existing investor Goertek, a global in the design and manufacturing of high-tech consumer electronics, and new investor Hostplus, one of the largest institutional investors in Australian venture capital.
Goertek’s additional investment in this round is a significant development for the business. It follows an exclusive manufacturing partnership between WaveOptics and Goertek agreed on 28 November 2018, that will enable the mass production of waveguides for AR wearables at a price point for mass market adoption.
The funds raised will allow WaveOptics to scale its business operations in the UK, US and Asia, and build a high volume manufacturing capability. WaveOptics is able to match its global partners ambitions by enabling them to bring the next generation of AR wearable devices to market as they move from product prototyping to launching enterprise and consumer AR devices.
WaveOptics is an innovation that has developed patented near-eye transparent displays that allow the world’s device manufacturers, consumer electronic companies and social media businesses to create wearable devices that combine digital imagery with the real world.
WaveOptics has a unique market position as a AR hardware business at the heart of the rapidly growing AR ecosystem, which is widely forecast to be one of the biggest technological advancements since the smartphone.
David Hayes, WaveOptics CEO, commented:
Completing the Series C funding is another important step for the business, enabling us to accelerate our growth to meet the increasing international customer demand. The oversubscription also validates the quality and potential of our technology to our partners and investors and is clear recognition of our position in the AR market.
We are seeing significant progress with our customers developing their own products based on our technology. This was demonstrated in the first half of 2019 when we secured a number of significant partnerships with global OEMs and ODMs.
“This is an exciting time and we are perfectly positioned to help our customers bring to market one of the most significant technologies since the launch of the smart phone.”
WaveOptics continues to expand its product portfolio and now has both a 40° and 28° field of view waveguide product, along with its own 40° light engine product. The expansion of WaveOptics’ product portfolio enables customers to evaluate and speed up the prototyping process for their own AR wearable product development.
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