Imperial Innovations Group leads fundraising for UK-based AR technology developer, WaveOptics
WaveOptics, the UK based Augmented Reality (AR) technology display developer, has raised additional funds from both new and existing investors.
The funds will be used to enhance WaveOptics’ position in the AR market with a focus on increasing its market penetration in enterprise and accelerating its level of engagement in the consumer market. WaveOptics’ objective is to become the enabler for the mass adoption of wearable AR.
Imperial Innovations Group plc led the funding round alongside Robert Bosch Venture Capital GmbH, Octopus Ventures, angel investors and existing investor, Blippar.
The Company has developed a patented technology that can display a high quality, full colour, see-through display for AR applications. The technology is scalable, lightweight, cost-effective and energy efficient. The compact display and world leading image quality will enable the next generation of wearable AR for enterprise and consumer markets.
Oxford headquartered WaveOptics was founded in 2012 by Sumanta Talukdar, Chief Executive Officer, and David Grey, Chief Technology Officer.
Sumanta Talukdar, Chief Executive Officer of WaveOptics, said:
”This multi-million pound funding round will enable us to make another significant step forward in the deployment of our AR technologies for both our enterprise customers as well as consumer product companies.
“Our AR display technology has the capability to revolutionise visual reality in helping to customise it. The applications of a compelling AR experience in a truly wearable format are vast and we intend to fully exploit these opportunities going forward.”
Robert Bahns,Director Technology Ventures of Imperial Innovations, said:
“WaveOptics is a leader in Augmented Reality technologies and we are therefore pleased to be able to lead on this funding round to support the business and its exciting technology.”
“This funding will allow the company to better position itself as a leader and key technology enabler of highly compelling AR experiences.”
Hongquan Jiang, Partner at Robert Bosch Venture Capital GmbH, said:
“We are deeply impressed by WaveOptics technology and products, and see its huge potential in many enterprise applications”
Simon King, Investment Manager at Octopus Ventures, said:
“At Octopus we look to back unusually talented entrepreneurs and we’ve been impressed by Sumanta and his colleagues at WaveOptics. We believe there is a real opportunity at the moment to make Augmented Reality a true reality, and look forward to working with the team over the coming years.”
Source: WaveOptics Press Release