WaveOptics announced they raised an additional $13 million to scale its operations for the high volume manufacturing of waveguide displays for AR devices.
WaveOptics, UK-based designer and manufacturer of waveguide displays, the key optical component used in augmented reality (AR) wearables, announced that they have closed an oversubscribed $39 million in Series C funding. WaveOptics raised an additional $13 million in the final stage, having raised an initial $26 million in December 2018.
This final stage was supported by existing investor Goertek, a global leader in the design and manufacturing of high-tech consumer electronics, and new investor Hostplus, one of the largest institutional investors in Australian venture capital. WaveOptics notes that Goertek’s additional investment in this round is a significant development for their business, following an exclusive manufacturing partnership between WaveOptics and Goertek agreed upon in November 2018.
“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,” said David Hayes, CEO Of WaveOptics in a press release. “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 aims to use this additional funding to enable the mass production of waveguides for AR wearables at a price point for mass market adoption. The company plans to scale its business operations in the UK, US, and Asia, and build a high volume manufacturing capability. WaveOptics claims that they are 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 plans 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 is intended to enable customers to evaluate and speed up the prototyping process for their own AR wearable product development.
Investments and acquisitions within the AR space have been heating up as of late. RealWear, an industrial AR headset manufacturer, acquired Kopin’s Golden-i Infinity Smart Screen for new products, and alongside the recent release of Snapchat’s Spectacles 3 AR sunglasses, Snap Inc. announced that it plans to raise $1 billion in short-term debt to invest in, among other things, AR features.
