US-based wearable technology developer Avegant closed a $24m series B round on Friday led by Hangzhou Liaison Interactive Information Technology, the mobile internet technology provider that also operates as Lian Luo.
Intel Capital, the corporate venturing division of chip maker Intel, venture capital firm NHN Investment and Bunting Family Fund, the family office of the erstwhile owners of skincare products company Noxell, also took part in the round.
Founded in 2012, Avegant has developed a personal media headset named Glyph (pictured) based on technology dubbed Retinal Imaging.
The headset delivers high quality audio and video, using two million tiny mirrors to mimic the way light bounces of objects, projecting a realistic image into a user’s eyes without using a screen.
Avegant is set to use the funding to fully launch Glyph, which is currently only available to pre-order, and expects to begin shipping products by the end of the year. The company is also working on other products exploiting its Retinal Imaging technology.
Intel Capital and NHN co-led a $9.4m series A round in November 2014 with Kaiwu Capital, CrunchFund, 500 Startups, DN Capital, Michigan Angel Fund and angel investor Calvin Broadus Jr also contributing funds.
Avegant had already raised $1.5m in a crowdfunding campaign in February 2014. In 2013, the company secured $1.9m in seed funding, according to a regulatory filing.
– Image courtesy of Avegant