WaveOptics Raises $26 Million to Scale Business and Support International Expansion in Its First Stage of Series C Funding
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. The capital raised will be used to scale up the business operations on a national and international basis.
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.
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.”