WayRay, a Swiss developer of augmented reality-enabled car navigation systems, has raised $80 million in Porsche-led Series C round while intelligent digital service provider Yunxi Technology raised $22 million in a funding round led by Sequoia Capital.
Alibaba-backed Swiss auto AR firm WayRay raises $80m
WayRay, an Alibaba-invested Zurich-based developer of augmented reality-enabled car navigation systems, has raised $80 million in a Series C funding round led by German automobile manufacturer Porsche.
In a statement posted on its website, WayRay said the round was also joined by Hyundai Motor, China Merchants Capital, JVCKENWOOD, a consortium of sovereign wealth funds, and previous investor Alibaba Group.
WayRay said it will use the newly raised funds to bolster its focus on research and development, industrialization, and team expansion “to become a supplier of holographic AR solutions for car manufacturers”.
The company, founded in 2012, said its holographic AR solutions create a “true augmented reality experience”, where virtual objects are seamlessly integrated into the world around the car.
The funding round values the company at $500 million. It aims to become a unicorn by the end of 2019.
Sequoia Capital leads $22m Series A+ in Yunxi Technology
A China Money Network report said the Hangzhou-based company will focus on talent structure construction and product development using the newly raised funds. The round was also participated by existing investor Yunfeng Capital.
Yunxi Technology, founded in 2016, provides network construction and cloud application services for enterprises in various spaces, including real estate, automobile, fast-moving, agriculture, and pharmaceutical.
The company has raised three funding rounds this year, securing a total of $37 million. It raised an undisclosed amount for its corporate round in February, led by Yunfeng Capital. The same investor also anchored Yunxi’s Series A round in March that raised $15 million.