WaveOptics is a UK-based Augmented Reality (AR) wearable device designer and manufacturer with its diffractive waveguides technology. The company announced that it has raised US$26 million from existing shareholders and new investors. One of its new investor, Goertek, has also signed an exclusive waveguide production partnership with WaveOptics.

Goertek designs and produces high-tech consumer electronics. With the partnership with WaveOpics, the two companies aim to mass produce Waveguides’s waveguides for AR wearable applications

(Image: WaveOptics)

With the capital raised, WaveOptics will scale up its business operations on a national and international basis. The company is building a large volume manufacturing supply chain to meet customer demand from Asia and US markets.

David Hayes, CEO of WaveOptics, commented, “We have made excellent progress over the last year with our high performing, manufacturable, and versatile waveguides. We are now working with a wide range of leading global OEMs and ODMs as they ramp up the development of their products. These additional funds will enable us to scale up rapidly around the world, particularly in Asia and the US. This will include our ability to manage and support an increasing number of customers across different sectors. The market is gathering pace with AR wearables expected to become available in volume by the end of 2019.”

Wearables such as AR/VR devices and smartwatches are believed to be the next-generation Micro LED display products. LEDinside has projected that AR device shipment would reach 4 million units by 2025 with a Micro LED penetration rate of 18 percent.