US-based optics display technology developer DigiLens raised additional series C funding today from mobile games developer Niantic and Diamond Edge Ventures, the investment arm of chemicals company Mitsubishi Chemical Holdings.
The size of the extension has not been disclosed but a regulatory filing in May this year revealed DigiLens had raised $25m out of a targeted $50m. The first tranche was reportedly provided in its entirety by tyre and vehicle technology producer Continental.
Founded in 2003, DigiLens has developed a photopolymer material and holographic copy process to create ultra-thin displays for augmented reality applications such as headsets and larger displays for use in products such as cars.
The company markets the technology to original equipment manufacturers. It will use the additional funding to further develop its displays for automotive, enterprise, consumer, avionics and military applications.
Mitsubishi Chemicals will collaborate with DigiLens on the development of a plastic material for displays that will be lighter, cheaper and virtually unbreakable. DigiLens is the first portfolio company of Diamond Edge Ventures, launched in July this year.
DigiLens previously reportedly raised a total of $60m in funding, including $22m in a series B round in January 2017 backed by Continental, consumer electronics producers Sony and Panasonic, and manufacturing services provider Foxconn.
Alsop Louie Partners led the series B round, which also included Dolby Family Ventures, Nautilus Venture Partners and Bold Capital. Alsop Louie, Dolby, Trinity Capital Investment and Costella Kirsch had already supplied $8.3m in funding in 2014.
