WayRay, an automotive augmented reality company, has set the target for a $ 1 billion valuation with an estimated time of arrival of 2019 and has reached an important milestone on the way.
On Tuesday, the company announced it was closing an 80-million-dollar Series C round led by Porsche, which also involved Hyundai Motor, Alibaba Group, China Merchants Capital, JVCKENWOOD and the Consortium of Sovereign Wealth Funds including ARR, Japan, Saudi Arabia, Kuwait and the United Arab Emirates and Bahrain
To date, the company has raised more than $ 100 million from startup status last year with a $ 16 million Series B round. Now WayRay has its sights set on expansion, because with the latest round of financing, the company can increase production with a pilot production line in Germany.
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In addition, WayRay plans to use financing for entry into business areas for other markets, said AR Smart Glass belongs to his ambitions for connected houses, hotels and companies.
"As a deep-tech company, we strive to create fundamental innovations that go far beyond holographic AR displays and new interfaces, and a growing number of projects with automakers and strong investors are driving growth We are proud to be recognized as a trusted partner who can meet the high standards of investors such as Porsche and Hyundai, "said Vitaly Ponomarev, CEO of WayRay
Strategic Investments of Car Manufacturers Porsche and Hyundai and the Aftermarket Product manufacturers JVCKENWOOD signal the company's intention to integrate AR technology such as AR navigation systems into their products. The relationship between Porsche and WayRay dates back to the company's time at the automotive tech accelerator Startup Authority.