Switzerland-based augmented reality (AR) technology producer WayRay raised $80m on Tuesday in a series C round co-led by automotive manufacturer Porsche and investment firm China Merchants Capital.
Carmaker Hyundai Motor, e-commerce group Alibaba and consumer electronics maker JVCKenwood also took part in the round, as did the state-backed Russia-Japan Investment Fund and the sovereign wealth funds of Saudi Arabia, Kuwait, United Arab Emirates and Bahrain.
The funding was raised at a $500m valuation, WayRay told TechCrunch, adding in a press release that it is targeting unicorn status by the end of 2019.
WayRay is working on a holographic AR dashboard that offers a wider field of view than traditional head-up displays.
The funding will go to recruitment, industrialisation and research and development activities, including the adaption of WayRay’s technology for other applications such as smart glasses.
The company also plans to establish an affiliate business in Germany and open a pilot production plant. WayRay has signed a strategic agreement with Hyundai Motor to build an ecosystem around its technology, including the development of an AR platform for smart cities and buildings.
Alibaba led the company’s $18m series B round in March 2017, with participation from unnamed existing shareholders. WayRay was bootstrapped with a $10m injection, before securing undisclosed amounts of angel and series A funding from unnamed investors.
Lutz Meschke, deputy chairman of Porsche’s executive board and a member of its executive board for finance and IT, said: “The WayRay team has unique expertise with a solid background in space engineering, hardware and software development.
“Their innovative ideas and products have great potential. We are convinced that on this basis we’ll be able to offer our clients customised Porsche solutions. That is why we have made this strategic investment decision.”