Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

WayRay raises $80M in a Round C led by Porsche and joined by Hyundai Motor, JVCKENWOOD, and other investors, aiming to become a $1B company next year.

Swiss deep-tech startup WayRay has closed its Series C financing round led by Porsche to bring holographic AR solutions to the automotive industry and beyond.

WayRay, a leader of holographic AR displays for cars, has today announced a new investment from Porsche, Hyundai Motor, Alibaba Group, China Merchants Capital, JVCKENWOOD, and Consortium of Sovereign Wealth Funds (JBIC and partners). The newly raised funds will bolster the company’s focus on R&D, industrialization 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, Europe’s biggest platform for automotive innovation.

Now the premium German car manufacturer is leading investment Round C, along with China Merchants Capital, one of the largest Chinese investment companies.

Since its inception in 2012, the Swiss startup has raised more than $100M. By the end of 2019, the company aims to become a unicorn with a $1 billion valuation.

In its transition from startup to scaleup, 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 in transportation to AR smart glass in the smart home business and construction industry.

WayRay’s holographic AR solutions create a true augmented reality experience, where virtual objects are seamlessly integrated into the world around the car. Compared to the conventional HUDs (head-up displays) available on the market, WayRay’s technology boasts a smaller projection system that can be installed in almost any car model. Its exceedingly wide field of view allows for displaying more virtual objects at a comfortable distance for drivers’ eyes. There are currently no other technologies capable of matching those parameters. Another key competitive advantage of WayRay’s solutions is the customizability for both drivers and passengers, conventional vehicles and self-driving cars, consumers (aftermarket) and businesses (OEMs).

Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche: “The WayRay team has unique expertise with a solid background in space engineering, hardware and software development. Their innovative ideas and products have great potential. We are convinced that on this basis we’ll be able to offer our clients customized Porsche solutions. That is why we have made this strategic investment decision.”

Dr. Youngcho Chi, Chief Innovation Officer and Executive Vice President of Hyundai Motor Group: “WayRay has remarkable expertise in both hardware and software development for holographic AR display systems. The Hyundai–WayRay collaboration will help us establish a brand new eco-system that harnesses AR technology to enhance not only navigation systems but establish an AR platform for smart cities and smart buildings, which are Hyundai Motor Group’s new business interests, in the long term, providing innovative customer experiences to our drivers.”

Vitaly Ponomarev, CEO of WayRay: “As a deep-tech company, we are committed to creating fundamental innovations that bring us far beyond holographic AR displays and new interfaces. A growing number of projects with carmakers and strong investors are fueling the company’s growth and boosting our confidence in implementing complex innovations. We are proud to be recognized as a reliable partner able to meet the high standards set by investors like Porsche and Hyundai.”