WayRay, a provider of holographic AR displays for cars, has announced $80 million in new investments from Porsche, Hyundai Motor, Alibaba Group, China Merchants Capital, JVC Kenwood and the Consortium of Sovereign Wealth Funds. The company says the newly raised funds will bolster its focus on R & D, industrialisation and team expansion to become a supplier of holographic AR solutions for car manufacturers.
Porsche first joined forces with WayRay for a pilot project at Startup Autobahn, a European platform for automotive innovation. Now, the German car manufacturer is leading investment Round C, along with China Merchants Capital, a Chinese investment company. Since its inception in 2012, WayRay has raised more than $100 million. By the end of 2019, the company is aiming for a $1 billion valuation.
WayRay plans to use the raised funds to establish an affiliate with a pilot production line in Germany. The investments will also help to diversify WayRay’s portfolio of applications in different sectors, from AR for transportation to smart glasses for the smart home business and construction industry. Compared to the conventional HUDs available on the market, as we have previously reported, WayRay’s technology boasts a smaller projection system.
The company says it can be installed in almost any car model and its wide field of view allows for the display of more virtual objects. WayRay’s solution also offers customisation options for drivers, passengers, conventional vehicles, self-driving cars, consumers and businesses.
