WayRay Secures $80M Series C Funding from Porsche, Hyundai Motors & Other Major Investors
WayRay, a holographic AR technology company raised $80 million in its series C funding from Porsche, Hyundai Motor, Alibaba Group, China Merchants Capital, JVCKENWOOD, and Consortium of Sovereign Wealth Funds (JBIC and partners). The funding amount will be used to strengthen the company’s focus on R&D, industrialization and team expansion to become a primary supplier of holographic AR solutions for car manufacturers.
Lutz Meschke, Deputy Chairman, Finance & IT, Porsche, says, “The WayRay team has unique expertise with a solid background in space engineering, hardware and software development. Their innovative ideas and products have great potential. We are convinced that on this basis we'll be able to offer our clients customized Porsche solutions. That is why we have made this strategic investment decision”.
Headquartered in Zurich, WayRay will use the fund to establish an affiliate with a pilot production line in Germany and help diversify its portfolio of applications in different sectors like from AR in transportation to AR smart glass in home business and construction industry. Its technology brings in a smaller projection system that can be installed in almost every car in the world. The organization has formulated its solutions in a unique manner where they can be customized for drivers &passengers, conventional vehicles &self-driving cars, and consumers (aftermarket) & businesses (OEMs).
Vitaly Ponomarev, CEO, WayRay, says, “As a deep-tech company, we are committed to creating fundamental innovations that bring us far beyond holographic AR displays and new interfaces. A growing number of projects with carmakers and strong investors are fueling the company's growth and boosting our confidence in implementing complex innovations. We are proud to be recognized as a reliable partner able to meet the high standards set by investors like Porsche and Hyundai."
Over the time, WayRay has grown from a startup into a full-cycle manufacturer of holographic optical systems, hardware, and software. It has raised more than $100 million and aims to become a unicorn with a $1 billion valuation by the end of 2019. WayRay has offices in Switzerland, USA, China, and Russia with more than 250 professionals employed all over the world.
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