Avegant, a US-based augmented reality (AR) technology developer backed by chipmaker Intel and semiconductor production equipment provider Applied Materials, has closed a $12m series AA round supported by venture capital firm Walden International.
Walden participated through Walden SKT Venture Fund and China Walden Venture Investments III and was joined by unnamed, existing investors.
Founded in 2012, Avegant is developing an AR headset, Glyph, that the company claims offers detailed, lifelike virtual objects through a mixed reality platform called light field technology.
Avegant has obtained approximately $62m in funding to date. The company previously closed a $37.7m series B round in April 2017, raised overt two tranches.
Avegant raised $13.7m in a series B extension from Applied Materials and Intel in April 2017, adding to a $24m first close in 2015 backed by Intel subsidiary Intel Capital, mobile internet technology producer Hangzhou Lian Luo, NHN Investment and Bunting Family Fund.
Intel Capital and NHN had co-led a $9.4m series A round in 2014, with participation from Kaiwu Capital, CrunchFund, 500 Startups, DN Capital and Michigan Angel Fund.
Om Nalamasu, president of Applied Ventures and chief technology officer of Applied Materials, said: “Applied is excited to use its materials engineering technologies to enable new inflections like augmented reality and virtual reality, which require advanced displays, high-performance computing and lots of memory.
“We are working with Avegant to accelerate the development of their light field technology to create compelling AR applications.”