WaveOptics, London-based global provider of pioneering Augmented Reality waveguides, has already raised $15.5 million to develop its revolutionary AR display.
Gobi Ventures, Touchstone Innovations, Robert Bosch Venture Capital, and Octopus Investments are among the investors in this innovation. Moreover, according to Digi-Capital, AR market will be worth $83 billion by 2021.
“WaveOptics is reinventing the AR market by developing a series of new AR display tech that enables a wider field of view and brighter full-color images — a unique combination in today’s market,” said Martin Harriman, chairman of WaveOptics, in a statement.
“This funding round further accelerates development of our industry-leading technologies and enables us to launch programs in new markets and territories. We are excited about the team of investors we have on board who share our vision.”
Specialists at WaveOptics are working on optical waveguide technology allowing people to see digital content placed over the real-life surroundings in a real time. Such technology can be used in a variety of industries, including automotive, logistics, construction, design and so on.
Robert Bahns, director of technology investment at Touchstone Innovations, said in a statement, “WaveOptics has made significant technical and commercial progress since the investment round we led in October 2015, with very positive feedback from industry on its initial beta products. This new funding will allow the company to complete its product development and position itself as a leader and key technology enabler of highly compelling AR experiences.”
The core of the WaveOptics technology is a waveguide that is able to channel light input from a micro display positioned at the periphery of a lens made of glass — or in the future, plastic. Unlike conventional technologies that rely on cumbersome prisms, mirrors, or scarce materials, WaveOptics’ optical design harnesses waveguide hologram physics and photonic crystals, which enable lightweight design with good optical performance, the company said.
“Until now, there has not yet been a mass market product,” said Martin Harriman, chairman of WaveOptics, in a statement, “We’re confident that we can capitalize on the expansion of the market. WaveOptics is the only AR company in the world right now that has solved an industry-wide challenge — the display element of AR that provides a compelling visual performance possesses a compact form factor, and is inexpensive to manufacture at scale.”