DigiLens raises $50 million in the latest Series D round becoming a prominent benchmark for extended reality (XR) glasses. The company has now fortified its corporate licensing model further extending its global reach.
What did DigiLens announce?
DigiLens, a prominent innovator of waveguide and holographic technology announced that it has closed the first bout of the company’s Series D funding. Samsung was at the forefront of the funding along with other powerful names such as Alsop Louie Partners, Samsung Electro-Mechanics, Dolby Family Venture, Diamond Edge Ventures as well as other companies.
DigiLens also reiterated that the second closing of the Series D fund will be towards the end of this year. This is going to give other companies and investors an opportunity to join the fundraiser.
Raising more than $50 million in the first round, it’s estimated that DigiLens has a valuation of more than $500 million. The company also discussed its upcoming Design V1 Developer XR smart glasses and said that it’s focused on boosting their XR content development.
DigiLens also talked about their state-of-the-art Transparent Resolution Expanded technology or T-REx. According to DigiLens, the T-REx helps maximize the waveguide resolution by up to 2x without compromising size, energy consumption, and form factor. This has been a primary factor in the company’s successful Series D closing.
According to the CEO of DigiLens, Chris Pickett, this latest round of fund raising has helped cement DigiLens as one of the world’s leading companies in optical technologies, critical to developing seamless and futuristic AR and XR smart glasses at scale. Pickett also said that perfecting waveguide display optics is perhaps the most arduous process of creating a head worn AR and XR device.
Samsung’s Core Role
Samsung is going to play a pivotal role in helping DigiLens market their XR smart glasses thanks to its innovation and dominance in mobile devices manufacturing throughout the globe. Pickett also stated that DigiLens will need a precision-based market ecosystem to ensure it can launch their products within acceptable deadlines, meet production volumes, and create the right cost structure for consumer tech. This latest Series D round is going to help DigiLens finally market and launch its consumer and corporate XR smart glasses, selling them at more realistic prices.
DigiLens has also said that it’s AR technology offers a perfect balance between numerous factors such as affordability, product dimensions, product weight, performance, and mass-scale production levels of waveguide AR display. According to Samsung Electronics’ EVP, Hark Sang Kim, the company is excited to join hands with DigiLens to lead a collaborative effort in manufacturing competitively priced yet differentiated augmented reality devices.
DigiLens also stated that with it’s successful Series D fund raising and their collaboration with Samsung, “the company is going to focus on making considerable leaps and bounds in an effort to consistently and continuously manufacture the primary technological component that’s going to be in all types of XR devices manufactured by a worldwide landscape of OEMs, device contract producers, and content providers.” Moreover, the company also stated that it will keep developing waveguide displays for its AR and XR headsets with the help. And collaborating with Samsung is going to help them develop affordable parts and components for cutting-edge AR headsets, hoping to match consumer price points.