Seeya Technology is gearing up for an initial public offering (IPO). The company has recently achieved unicorn status, boasting a market valuation of over 10 billion yuan ($1.4 billion). It has had seven previous funding rounds, with investments from GoerTek, Source Code Capital, and Hefei Guoxin Capital. Xiaomi is among the investors in the company and also its largest customer.
The company specializes in OLEDos microdisplays, initially backed by a 1.28 billion yuan ($170 million) investment. Located in Hefei’s New Site High-Tech Zone, Seeya’s facility spans over 40,000 square meters, making it one of the largest of its kind worldwide. It can produce up to 9,000 display panels each month, and with a recent injection of 500 million yuan ($70 million), Seeya plans to ramp up annual production to 4 million panels. The company was originally rumored to be supplying the displays for Apple’s Vision Pro, and may still be in the running for future products as Apple looks to move away from Sony’s more expensive products.
The company’s product lineup features microdisplays ranging from 0.72 inches to 1.03 inches and is set to launch new models, including a 0.6-inch display and a 1.3-inch 4K high-definition screen. The company claims to have shipped one million units already.. It also has 188 patent applications and 28 authorized patents, a yardstick of success for China’s technology companies. These patents cover essential aspects of microdisplay technology, from driving circuits and light-emitting devices to manufacturing processes and optical systems for near-eye displays. It also claims to have over 90% of the company deployed in research, design, and manufacturing.
