Avegant Corp. announced that the company closed $12 Million in Series AA funding from new investors Walden SKT Venture Fund and China Walden Venture Investments III, L.P., as well as previous investors.
Ed Tang, CEO of Avegant, said, “The consumer AR industry faces significant challenges developing displays that are high resolution, small form factor, large field-of-view, light field, and low power. The industry is excited about our unique solutions to these technical challenges, which will enable previously impossible AR experiences.”
Earlier this year, Avegant focused its operations on its next generation display technologies which are targeted for the consumer market. Avegant’s current research builds on its industry-first light field technologies and the high resolution, low latency, and high brightness retinal displays first used in Avegant’s Video Headset.
According to Dr. Om Nalamasu, President of Applied Ventures and Chief Technology Officer of Applied Materials, “Applied is excited to use its materials engineering technologies to enable new inflections like AR/VR, which require advanced displays, high-performance computing and lots of memory. We are working with Avegant to accelerate the development of their light field technology to create compelling AR applications.”
“Many companies are trying to solve multiple, very difficult technical problems to bring AR experiences to consumers,” said Andrew Kau, Managing Director of Walden International. “We chose to invest in Avegant because their solutions elegantly tackle these problems in creative ways that consider human factors without losing sight of manufacturability.”
Walden International is a leading international venture capital firm that has provided investors access to cross-border, IT opportunities with the advantage of an unrivaled pan-Asia network since 1987. The firm’s funds total US$2.6 billion in committed capital. Walden International has invested in over 500 companies in 12 countries, with in excess of 100 IPOs on 15 Stock Exchanges and more than 70 M&A exits.