HTC, Quanta invest $30m in Israeli AR startup Lumus

Logo of Lumus

Lumus Ltd., an Israeli augmented reality (AR) wearable startup, announced Monday that it has closed a $45 million Series C funding round with an additional $30 million raised from strategic investors including Taiwan’s Quanta and HTC.

Funding from the round will be used to expand development, operations, and marketing of its groundbreaking, transparent wearable display technology for the AR and smart eyewear industry.

Lumus CEO Ben Weinberger said, “We also plan to ramp up our marketing efforts in order to realize and capture the tremendous potential of our unique technology to re-envision reality in the booming AR industry.”

Lumus which was founded in 2000, enables the production of wearable eyeglass displays that consists of a unique lens containing its patented Light-guide Optical Element (LOE) waveguide, which combines the smallest dimension eyewear for any given field of view.

The startup uses its technology to serve multiple AR verticals including health care, manufacturing logistics, avionics and consumer products through its patented Light-guide Optical Element (LOE) waveguide, which combines the smallest dimension eyewear for any given field of view.

C.C. Leung, vice chairman and president of Quanta, says, “AR/VR is well aligned with our growth strategy and we’re pleased to invest in the Lumus optics solution for augmented reality. This is pioneering technology, and we have great confidence in Lumus as an innovator and industry leader for transparent optical displays in the AR market.”

The investment is a strategic one for HTC which recently signed a partnership with Shenzhen municipal government in China, to create a $1.5 billion  investment fund, and a research center dedicated to virtual reality developments.

Under the new partnership, breakthroughs in the core technologies of sensors, display, graphics, data visualization, human-machine interaction, and other related areas are expected, the companies said.

David Chang, COO of HTC said, “Our current investment is aligned with HTC’s natural extension into augmented reality following our successful VIVE launch earlier this year.”

The augmented reality market is projected to reach $90 billion by 2020 and an IDC study predicts that over 30 percent of Global 2000 companies will begin incorporating AR and virtual reality (VR) into their marketing programs during 2017.

Back in June, Lumus secured $15 million in a Series B funding led by Chinese global private investment firm Shanda Group and Crystal-Optech.

It currently maintains its headquarters in Rehovot, Israel and has 70 employees.

Also Read: 

China: HTC unveils $1.5b investment fund, research center for virtual reality

China’s Tencent, Lenovo buy into US augmented reality startup Meta

China’s Citic Guoan invests $20m in virtual reality startup NextVR

China Dealbook: Alibaba invests $15m in Infinity AR; Royole gets $74m from Warmsun Holdings

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.