Central regions | Finance, business | Technology & innovation
AR display developer secures $80m from international consortium, targets $1bn valuation in 2019
20 Sep '18
WayRay, a start-up of Russian origin which has developed holographic AR displays for cars, has attracted $80m in a Series C round led by Porsche and China Merchants Capital, a major Chinese investment firm, East-West Digital News reported.
The other investors are Hyundai Motor, Alibaba Group, JVCKenwood and a consortium of sovereign funds. These include the Russia-Japan Investment Fund, established last year, alongside the Saudi Arabia, Kuwait, UAE, and Bahrain funds.
Now headquartered in Zurich, Switzerland, WayRay offers “a virtual world around the car that moves and continuously changes in sync with the route and the driver’s preferences.”
The technology offers wide viewing angles while requiring less space for hardware and control systems, the company says. The solutions may be “customized for both drivers and passengers, conventional vehicles and self-driving cars, consumers (aftermarket) and businesses (OEMs).”
The new funding will be used to “bolster the company’s focus on R&D, industrialization and team expansion to become a supplier of holographic AR solutions for car manufacturers,” according to WayRay’s press release.
The start-up will also reportedly seek to diversify the application of its AR technology across different sectors — “from transportation to smart glass in the smart home business and construction industry.”
WayRay, which has raised more than $100m since its inception in 2012, aims to “become a unicorn [reach a $1bn valuation] by the end of 2019.”