US-based optics display technology developer DigiLens extended its series C round to $50m on Tuesday following investments from OLED technologies and materials maker Universal Display Corporation (UDC) and consumer electronics producer Samsung.
The company initially raised $25m from tyre and vehicle technology producer Continental in May 2018 before adding an undisclosed amount from mobile game developer Niantic and Diamond Edge Ventures, the investment arm of chemicals company Mitsubishi Chemical Holdings, six months later.
DigiLens also revealed that Sony Innovation Fund, a subsidiary of consumer electronics manufacturer Sony, is among the series C investors. Samsung and UDC took part in the round through respective investment subsidiaries Samsung Ventures and UDC Ventures.
Founded in 2003, DigiLens develops waveguide optics technology that is used to create ultra-thin displays for use in augmented reality (AR) applications.
The technology is used by original equipment manufacturers to design and build AR-enabled devices for the automobile, consumer, avionics, enterprise and defence industries.
DigiLens will put the series C funding into further development of its holographic waveguide displays. Steven Abramson, UDC’s president and chief executive, has joined the company’s board of directors as an adviser and observer.
Abramson said: “With parallels to our own business, we look forward to working together to bring best-in-class solutions to multiple industries and to collaborate on the future of OLED technology within the augmented and virtual reality display sector.”
Venture capital firm Alsop Louie Partners led DigiLens’ $22m series B round in 2017, investing alongside Continental, Sony, consumer products maker Panasonic, contract electronics manufacturer Foxconn, Dolby Family Ventures, Nautilus Venture Partners and Bold Capital.
Dolby Family Ventures, Trinity Capital Investment, Alsop Louie and Costella Kirsch had provided $8.3m in funding for DigiLens in 2014, the company having raised $1m in convertible note financing in 2004 and $600,000 in equity funding in 2008, according to securities filings.
Image courtesy of DigiLens.