WayRay Raises $80 M in Series C Funding Round

WayRay Raises $80 M in Series C Funding Round

Swiss company WayRay, leading supplier of holographic AR (augmented reality) displays for cars, announced a new investment from Porsche, Hyundai Motor, and Alibaba Group, among others. The funds will be used for extensive R&D, industrialization, and human capital. Since 2012, the Zurich-based company has successfully raised more than $100 M and aims to become a unicorn with a $1 Bn valuation by the end of 2019.

The market for automotive head-up displays was estimated to be worth around $560 M last year, with that number growing to over $1 Bn by 2023. WayRay is competing with the likes of Continental and Panasonic to meet the demand for these systems, which serve two main purposes: assisting the drivers and providing additional information and entertainment to passengers.

WayRay’s holographic AR solution creates a true augmented reality experience, where virtual objects are integrated into the world around the car.  The projection is created by a small device, which can be installed in almost any car. When compared to the conventional displays available on the market, the technology allows for displaying more virtual objects at a comfortable distance for drivers’ eyes.

Vitaly Ponomarev, CEO and founder of WayRay, claims lack of competition in a specific sales channel and high demand will be key conditions for the development of the company:

“If you don’t have any competition in the OEM (original equipment manufacturer) channel, as is the case for it right now, that is a gold mine. Customers are just waiting in line until you have time to work with them.”

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