WaveOptics, a UK-based augmented reality (AR) technology provider backed by commercialisation firm IP Group, closed a $39m series C round yesterday with a $13m extension featuring electronic components producer Goertek.
Pension investment fund Hostplus also backed the extension, which followed a $26m first close in December 2018 led by Octopus Ventures and backed by Goertek, industrial product maker Robert Bosch’s Venture Capital (RBVC) unit, IP Group, Optimas Capital Partners and Gobi Partners.
Founded in 2014, WaveOptics produces optical components known as diffractive waveguides for AR devices. The transparent waveguides facilitate full colour, near-eye AR displays that overlay high-resolution images on a user’s field of vision.
The series C cash has been earmarked for scaling WaveOptics’ activities in the UK, US and Asia, and the company is looking to attain high-volume production capacity after signing an exclusive manufacturing pact with Goertek in November 2018.
AR app developer Blippar invested an undisclosed sum in WaveOptics in June 2015, before it raised an undisclosed amount from RBVC, Blippar, Touchstone Innovation (then known as Imperial Innovations), Octopus Ventures and various angel investors seven months later.
RBVC, Touchstone Innovation, Octopus Ventures and Gobi Partners subsequently provided $15.7m for the company in mid-2017.
The original version of this story appeared on our sister site, Global University Venturing.