WaveOptics, a UK-based designer and manufacturer of diffractive waveguides for use in augmented reality (AR) wearable devices, has today announced the completion of a new funding round. In its first stage of Series C funding, WaveOptics has managed to raise $26 million USD (£20m GBP) towards expansion plans.
This round was led by Octopus Ventures, one of WaveOptics’ largest shareholders and 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’s investment continues the company’s interest in WaveOptics after a previous announcement agreeing to an exclusive manufacturing partnership that will enable the global mass production of waveguides.
“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,” said David Hayes, WaveOptics CEO in a statement. “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.”
Discussing the funding round 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 has been rapidly advancing over the course of 2018. Hayes was revealed as CEO back in September, while that same month also saw the UK-based company open an American HQ. Partnerships over the course of 2018 have included EV Group (EVG) – a supplier of wafer bonding and nano-imprint lithography equipment – and Taiwanese firm Coretronic. For further updates on WaveOptics AR waveguides, keep reading VRFocus.