London, 11 December 2018 – WaveOptics, the world leading designer and manufacturer of diffractive waveguides for use in Augmented Reality (AR) wearables, has raised $26 million (£20m) from existing shareholders and new investors.
This round was led by Octopus Ventures, one of WaveOptics’ largest shareholders and one of Europe’s most prominent venture capital firms. The fundraise was supported by other existing shareholders including IP Group, Robert Bosch Venture Capital and Gobi Partners, as well as new investors Goertek and Optimas Capital Partners.
Goertek is a global leader in the design and manufacturing of high-tech consumer electronics. Goertek’s investment is a significant development for the business and follows the announcement on 28 November 2018 that WaveOptics and Goertek have agreed an exclusive manufacturing partnership that will enable the global mass production of waveguides.
Based in Hong Kong, Optimas Capital Partners is a growth-oriented alternative investment platform. It seeks to identify and invest in cutting-edge technology globally and utilises its unique access to industry networks to create synergy and accelerate growth.
The capital raised will be used to scale up the business operations on a national and international basis. WaveOptics is building a large volume manufacturing supply chain to meet customer demand from Asia and US markets.
The business is also investing in its overseas infrastructure having recently opened offices in Los Angeles and Taipei and plans to open a new office in Beijing in 2019.
This first stage investment represents the largest AR hardware fundraise in Europe in 2018. WaveOptics is in advanced discussions with potential new shareholders and strategic partners regarding participation in a second stage.
David Hayes, WaveOptics CEO, commented:
“We have made excellent progress over the last year with our high performing, manufacturable, and versatile waveguides. We are now working with a wide range of leading global OEMs and ODMs as they ramp up the development of their products.
“These additional funds will enable us to scale up rapidly around the world, particularly in Asia and the US. This will include our ability to manage and support an increasing number of customers across different sectors. The market is gathering pace with AR wearables expected to become available in volume by the end of 2019.
“Securing Goertek as a shareholder is a key strategic development for us and a major endorsement of our technology. Their global market position will significantly expand our reach.
“We have seen a recent surge in interest from potential shareholders and strategic partners and anticipate closing further funding in the coming months.”
Simon King, Principal at Octopus Ventures, added:
“We are delighted to have led the first stage of this funding round, backing the fantastic team at WaveOptics as we believe the business is on track to become a leading UK-headquartered global tech business.
“WaveOptics has now established its position as the key optical technology provider to its global customers and partners. They are unique in their ability to build AR hardware solutions at scale to address the numerous opportunities in the emerging AR ecosystem.”
WaveOptics is the world leading designer and manufacturer of diffractive waveguides, the key optical component in wearable augmented reality (AR) devices.
AR wearables, such as smart glasses, enable users to see computer-generated images overlaid on top of the real world. There are two key elements that allow these images to be seen – a light source such as a minute projector and a means of transferring the image from the projector into the user’s eyes.
WaveOptics’ waveguide technology transfers the light waves from the light source and projects them into the user’s eye. The technology produces a large eye-box, binocular viewing and a high field of view. The eye-box (the viewing window) is the size of the AR display from which the full image is visible. WaveOptics’ waveguides deliver crisp, undistorted text as well as stable imagery.
WaveOptics technology is designed to be used for immersive AR experiences in industrial, enterprise and consumer markets. The Company aims for its waveguides to be the core optical component used in all AR wearable devices, driven by its unique technology and expertise, which enable unparalleled manufacturing scalability and visual performance as well as versatility for numerous applications. Visit: www.waveoptics.ar
About Octopus Ventures
Octopus is a group of companies that invests in the people, ideas and industries that will help to change the world. Octopus Group are experts in smaller companies, renewable energy and healthcare infrastructure. Octopus Group currently manage more than £8.6 billion on behalf of their customers. Octopus Energy, Octopus Healthcare, Octopus Investments, Octopus Labs, Octopus Property and Octopus Ventures are all part of Octopus Group. Visit octopusgroup.com.