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.