Didcot-based augmented reality specialist WaveOptics has completed a £20m fundraising. The round was led by Octopus Ventures and supported by existing shareholders including IP Group, Robert Bosch Venture Capital (RBVC) and Gobi Partners as well as new investors Goertek and Optimas Capital Partners. Goertek is a pioneer in the design and manufacturing of high-tech consumer electronics. Its investment was said to be a significant development for the business and follows the announcement on 28 November 2018 that WaveOptics and Goertek have agreed an exclusive manufacturing partnership that will enable the global mass production of waveguides. Funds will be used to scale up WaveOptics' operations on a national and international basis. WaveOptics is building a large volume manufacturing supply chain to meet customer demand from the Asian and US markets. The company is also investing in its overseas infrastructure having recently opened offices in Los Angeles and Taipei and plans to open a new office in Beijing in 2019. WaveOptics is an IP Group portfolio company. IP Group committed £3.7m to the fundraising. Robert Bahns, partner of technology at IP Group, said: "WaveOptics is making excellent progress and we believe the company has the best solution both from a commercial and technical standpoint for providing the key component in AR devices. "This is being demonstrated by the level of engagement with its key customers."
UK augmented reality (AR) start-up WaveOptics has raised £20m ($25m) in a funding round led by Octopus Ventures. The Didcot-based company will use the extra funds to expand its supply chain to meet national and international demand for its waveguide technology, a key component of AR eyewear. Last month, the start-up agreed an exclusive manufacturing partnership with new investor and electro-acoustic specialist Robert Bahns for global mass production. WaveOptics's recent success has led to opening offices in Los Angeles and Taipei and plans to expand into Beijing in 2019.