A leading augmented reality (AR) technology firm has successfully raised £20 million to support its global expansion ambitions.
This financial boost was led by notable venture capitalists and strategic partners, aiming to scale business operations on both national and international fronts.
Significant Investment from Renowned Backers
An augmented reality firm has raised £20 million from a combination of existing backers and new investors. This cohort includes prominent venture capitalists and strategic partners who see potential in the company’s cutting-edge technology.
The round of funding was primarily led by Octopus Ventures and saw participation from other supporters such as IP Group, Robert Bosch Venture Capital, and Gobi Partners. Additionally, fresh investments were made by Goertek and Optimas Capital Partners.
Innovative Technology for Diverse Markets
The firm is renowned for designing and manufacturing diffractive waveguides, which are essential components in wearable AR devices. The applications of this technology span industrial, enterprise, and consumer markets, facilitating immersive AR experiences.
As highlighted by the CEO, the company has made remarkable progress with their highly-performing, manufacturable, and versatile waveguides. They are now collaborating with a wide array of original equipment manufacturers (OEMs) and original design manufacturers (ODMs) globally.
The innovative technology has cemented the company’s role as a key player in the AR hardware arena, addressing various opportunities within the emerging augmented reality ecosystem.
Exclusive Manufacturing Partnerships
Just two weeks prior to the investment announcement, the AR firm entered into an exclusive manufacturing partnership with Goertek, a noted supplier for Google. This collaboration is expected to significantly advance their production capabilities.
The raised capital will be utilised to enhance business operations, particularly by setting up a large-volume manufacturing supply chain. This move is aimed at meeting the increasing customer demand from Asian and US markets.
The company is also investing in its global infrastructure, with recent offices opened in Los Angeles and Taipei, and plans for a Beijing office in 2019.
Strategies for Global Expansion
CEO David Hayes stated that the additional funds would enable the company to scale operations rapidly, particularly in Asia and the United States. He emphasised their capacity to manage and support an expanding customer base across various sectors.
Hayes is optimistic about the market’s pace, indicating that AR wearables are anticipated to be available in volume by the end of the next year.
Impact of New Shareholders
Securing Goertek as a shareholder marks a strategic milestone for the company. Hayes considers this a substantial endorsement of their technology, bolstering their global market reach significantly.
The firm is in advanced talks with potential new shareholders and expects to secure further funding in the coming months. This forthcoming investment tranche is expected to further solidify their standing in the AR space.
Endorsements from Leading Investors
Simon King, Principal at Octopus Ventures, expressed delight in leading the funding round. He articulated confidence in the company’s trajectory towards becoming a leading UK-headquartered global tech entity.
King praised the team for establishing themselves as a pivotal optical technology provider for global customers and partners. He underscored the company’s unique ability to produce AR hardware solutions at scale.
Future Prospects
Looking forward, the company aims to continue its advancement in the AR domain through strategic investments and partnerships. The market is poised for significant growth, and the firm is strategically positioned to capitalise on these emerging opportunities.
Global Market Expansion on Track by 2019
With the planned infrastructural expansions and increased production capabilities, the company is on track to meet the global market demands by the end of 2019.
The £20 million investment positions the AR technology firm favourably for global expansion, particularly in Asian and US markets.
With robust investor backing and strategic partnerships, the company is well-equipped to lead the AR wearables market.