Avegant, the maker of Glyph, announced its closing of $24 million in Series B round of funding led by Lian Luo (Hangzhou Liaison Interactive Information Technology Co., Ltd) along with the existing investors Intel Capital and NHN Investment. A new investor The Bunting Family Fund also took part in the funding round.
Started in 2013, the Redwood City-based startup Avegant makes Glyph which is a media headset that supports 3D and virtual reality content. It’s headsets consists of an immersive video screen that works as a portable movie theatre. Unlike its competitors products that use a small LED screen to display image, Glyph uses 2 million micro-mirrors to reflect the image directly into a person’s eye. It also has motion tracking sensors and adjusts to the differences in the vision according to the users and is compatible with smartphone and PC.
Joerg Twes, CEO of Avegant said, “We are redefining how entertainment will be consumed, delivering richer, more immersive experiences for both existing content and new media. With the addition of Lian Luo to our strong investor group, we are strategically positioned to deliver breakthrough products across multiple geographies.”
Chairman and GM of Lian Luo, He Zhitao said, “The superior quality and low latency inherent in Avegant’s Retinal Imaging Technology is simply remarkable. It is clear that this technology can be scaled across several applications. We are very excited about investing in Avegant as well as partnering to bring its products to the Chinese market.”
The Glyph units are currently available for pre-order from the company’s website www.avegant.com and they are expected to ship by the end of this year. The company has plans to sell the headsets in retail outlets like Best Buy and Fry’s for $599 in future.
“With their virtual retinal display, Avegant is positioned to take wearable technology into new and innovative directions. We are following up on last year’s investment in the company because we believe consumers are looking for new form factors and experiences,” said Steve Holmes, vice president of Intel’s New Devices Group and GM of Smart Device Innovation.
With the new funds, the company plans to use it to improvise the design, implement many marketing efforts and boost up sales and distribution. It also plans to increase manufacturing of the product to meet the demands.