Switzerland-based augmented reality (AR) technology producer WayRay closed an $18m series B round on Tuesday led by e-commerce group Alibaba.
Undisclosed existing backers also contributed cash to the round, which follows an undisclosed amount in angel and series A capital supplied by unnamed investors, as well as $10m of WayRay’s own money, which has been invested over the past four years.
WayRay has developed transparent holographic AR displays that can be used to create a virtual dashboard in cars. The company’s first AR navigation product has been dubbed Navion.
In addition to raising series B funding, WayRay has entered a partnership with smart car manufacturer Banma Technologies, which is itself backed by Alibaba and automotive manufacturer SAIC Motors.
WayRay will collaborate with all three of those companies to create an advanced AR display that incorporates navigation, driving assistant notifications, a virtual dashboard and other functionalities. The resulting product is expected to be built into Banma’s 2018 models.
Ethan Xie, senior investment director at Alibaba, said: “We believe there is huge potential in the development of leading-edge technology like augmented reality and its application to various industries, like WayRay’s AR navigation system in the auto sector.
“The potential of augmented reality makes it an exciting and promising area.”