Raythink has secured roughly $15 million on Tuesday in a Series A+ funding round that enables the firm to accelerate the mass production of augmented reality (AR) powered heads-up displays (HUD) for in-vehicle navigation.
Chengwei Capital led the financing along with co-investors Unicom Innovation Venture Capital. According to Chengwei Capital, the group is partnering with Raythink to reach its long-term goals of boosting China’s optical and AR display technology market.
Raythink produces integrated smart transportation instruments, assisted driving visualisations, and AR displays. Furthermore, the funding allows Raythink to scale the development of upcoming human-computer interaction automotive solutions.
The Shenzhen-based firm also holds roughly 100 invention and innovation patents, leveraging AR to increase driver safety. Raythink’s patent portfolio currently includes features such as collision, pedestrian, and lane departure warnings.
Pei Kang, a Managing Partner of Chengwei Capital, said Raythink’s three-year success as a fledgling start-up in AR hardware, software, and programming influenced the funding.
Pei Kang added that Raythink’s remarkable success and selling point comes from the firm’s ability to produce extended reality (XR) core components independently. For its flagship 2.0 AR heads up display (HUD) solution, Raythink uses naked-eye AR technology without requiring drivers to wear AR headsets.
The Managing Partner added,
“During the past three years, it [Raythink] has achieved significant milestones and grown into the near-unicorn status from a mere start-up. We believe Raythink will continue to achieve in the long term, facilitating acceleration in the growth of the whole of China’s AR display sector”
Advanced ARHUD Solutions
The news comes as Raythink accelerates the production and distribution of its HUD solution. In June, the firm’s 2.0 AR HUD gained IATF16949 Quality Management System Certification. The certificate means that Raythink’s research, development, and production of its 2.0 AR HUD meets the safety standards outlined by the international automotive industry.
The certification also scales the production of Raythink’s product by allowing the firm to integrate its AR solution into mainstream consumer vehicles. With the recognition, Raythink can also incorporate its hardware into cockpits and other industrial transport.
Raythink offers its AR HUD PRO, AR HUD, and Mini AR HUD solutions for vehicles with limited space, and also supplies China’s Railway Signal & Communication group with a purpose-built system that provides high-speed train operators with assistive visual information.
The firm employs high-speed 5G communication technology to stream real-time 3D internet of things (IoT) data and assets directly to a train driver’s naked eye. Raythink is trialling the solution and plans to deploy the AR HUD solution across China’s high-speed train infrastructure in the near future.
