WaveOptics completes funding round

WaveOptics, the UK based Augmented Reality (AR) technology display developer, has raised additional funds from both new and existing investors.

The funds will be used to enhance WaveOptics’ position in the AR market with a focus on increasing its market penetration in enterprise and accelerating its level of engagement in the consumer market. WaveOptics’ objective is to become the enabler for the mass adoption of wearable AR.

Imperial Innovations Group plc led the funding round alongside Robert Bosch Venture Capital GmbH, Octopus Ventures, angel investors and existing investor, Blippar.

The Company has developed a patented technology that can display a high quality, full colour, see-through display for AR applications. The technology is scalable, lightweight, cost-effective and energy efficient. The compact display and world leading image quality will enable the next generation of wearable AR for enterprise and consumer markets.

Oxford headquartered WaveOptics was founded in 2012 by Sumanta Talukdar, Chief Executive Officer, and David Grey, Chief Technology Officer.

Sumanta Talukdar, Chief Executive Officer of WaveOptics, said: “This multi-million pound funding round will enable us to make another significant step forward in the deployment of our AR technologies for both our enterprise customers as well as consumer product companies.

“Our AR display technology has the capability to revolutionise visual reality in helping to customise it. The applications of a compelling AR experience in a truly wearable format are vast and we intend to fully exploit these opportunities going forward.”

WaveOptics were advised on the deal by Tech City lawyers Temple Bright, who previously acted for the company on its seed investment round last year.

Corporate partner Nadim Zaman said: “From seed investment to Series A, it has been a privilege to advise the WaveOptics team. This is a groundbreaking technology in the wearable tech space, which is where some of the most exciting innovations are taking place globally at present. We expect to see more great things from WaveOptics in the coming year.”

Temple Bright’s co-founder Tim Summers said: “This fundraising shows WaveOptics getting further buy-in from the London investor community and readying itself for the next stage of growth. We are proud to be associated with a venture which is among those keeping the UK at the cutting edge of creativity in tech.”

This article appeared on the Bdaily website on 23 December 2015.