WaveOptics raises $39 million for diffractive waveguides for AR

WaveOptics, a start-up specializing in diffractive waveguides for wearable augmented reality (AR) devices, raised US$39m (£30m) in an oversubscribed Series C funding round.

WaveOptics has developed patented near-eye transparent displays that allow device manufacturers to create wearable devices that combine digital imagery with the real world.

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 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 is based in London.

“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 leading 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," stated David Hayes, WaveOptics CEO.