Gobi Partners, a Shanghai-based venture capital firm focused on information technology, telecom, media and technology (TMT) and digital media industries, has joined a US$15.5 million series B round in WaveOptics, a U.K.-based augmented reality (AR) company.
Existing investors Octopus Ventures, Touchstone Innovations plc, Robert Bosch Venture Capital GmbH also participated in the round, according to a company announcement.
The successful introduction of the AR game Pokemon Go last year by Nintendo has brought widespread public attention to augmented reality technology and attracted increased investment. It is expected that the AR market will reach US$830 billion by the year 2021, according to Digi-Capital.
“The massive global potential for AR is likely to emerge within the Asian markets where the desire for this technology is significant,” said Michael Zhu, managing partner at Gobi Partners. “It is clear that WaveOptics have unlocked the combination of performance, compact form factor and scalability and present a highly compelling solution for the crucial optical element of headworn AR solutions.”
Founded in 2012, WaveOptics develops AR lenses with optical waveguide technology, which can channel light input from a micro display positioned at the periphery of a pair of glasses. Unlike conventional technologies that rely on cumbersome prisms, mirrors or scarce materials, its optical design harnesses waveguide hologram physics and photonic crystals, which enables lightweight design with high-quality optical performance, the company says. For example, the lenses can act as a navigation device for bike riders.
“Until now, there has not yet been a mass market product; we’re confident that we can capitalize on the expansion of the market,” said Martin Harriman, chairman at WaveOptics. “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.”
The start-up plans to use the latest proceeds to accelerate the development of its technologies, and launch programs in new markets and territories.
Source: China Money Network
