Designer and manufacturer of diffractive waveguides for use in Augmented Reality (AR) wearables, WaveOptics, has raised £20m in its first stage of Series C funding.
This funding 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.
As a global designer and manufacturer of high-tech consumer electronics, Goertek’s investment is a significant development for the business and follows the recent announcement that WaveOptics and Goertek have agreed an exclusive manufacturing partnership that will enable the global mass production of waveguides.
Based in Hong Kong, Optimas Capital Partners is a growth-oriented alternative investment platform. It seeks to identify and invest in cutting-edge technology globally and utilises its unique access to industry networks to create synergy and accelerate growth.
The capital raised will be used to scale up the business operations on a national and international basis. WaveOptics is building a large volume manufacturing supply chain to meet customer demand from Asia and US markets.
The business is also investing in its overseas infrastructure having recently opened offices in Los Angeles and Taipei and plans to open a new office in Beijing in 2019.
This first stage investment represents the largest AR hardware fundraise in Europe in 2018. WaveOptics is in advanced discussions with potential new shareholders and strategic partners regarding participation in a second stage.
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 original equipment designers and manufacturers 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.”
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.”
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