Cellid – a developer of AR glasses displays and spatial recognition engines for next-generation devices – announced that it has raised a total of $13 million (JPY 2 billion) through a private placement with Development Bank of Japan as the lead investor and through a third-party allotment of new shares to funds managed or involved in the management of More Management Co., Ltd.; CVC fund jointly established by Kyocera Corporation and Global Brain Corporation; 15th Rock; and FFG Venture Business Partners. This latest funding brings Cellid’s total funding to about $33 million (JPY 5.2 billion).
Cellid’s core business is developing displays for AR glasses and spatial recognition engines. For example, Cellid boasts the industry’s most advanced technology in developing and designing the world’s largest, widest field of view and lightest-weight waveguide and has succeeded in developing the first full-color projection technology using plastic materials.
Last November, Cellid announced the release of “Reference Design” (verification model) -eyeglass-type AR glasses that employ the optical see-through waveguide display method. By adopting an original waveguide, the company succeeded in creating a design that is no different from that of ordinary glasses and lightweight (about 58g), and compared to conventional head-mounted display-type glasses, the new glasses reduce eye fatigue even after long hours of daily use.
This financing will enable Cellid to strengthen the lineup of products and reference designs that are key components of AR glasses, such as micro projectors and waveguides, and promote the development of business areas that use reference designs. Cellid will also accelerate the market launch of its products by strengthening its mass production system.
KEY QUOTES:
“We are honored that the Development Bank of Japan Inc. and other financial investors and partners have recognized Cellid’s business, which is centered on the development of displays for AR glasses and spatial recognition engines, as well as our growth potential. As AR glasses are increasingly attracting attention as a more accessible next-generation device, we are pursuing their evolution through the development of key components for AR glasses, such as waveguides and micro projectors. With this financing, we aim to accelerate the market launch of our products and contribute to the further adoption of AR glasses by acquiring top talent in Japan and abroad, while strengthening our technological development capabilities and expanding our mass production system.”
– Cellid CEO Satoshi Shiraga
“AR glasses have been in the limelight in recent years as next-generation wearable devices, but innovation in lenses, a key component, is essential for their full-scale diffusion. In this context, we are highly impressed with Cellid’s world-class technology for waveguide lenses and the fact that it has established a supply chain through close collaboration with Japanese optical materials and semiconductor processing companies, which are highly competitive worldwide. DBJ feels that Cellid has the potential to become the de facto standard for waveguides and will do its utmost to support Cellid’s growth strategy in the future.”
– Akira Nagai, Senior Vice President, Growth & Cross Border Investment Department, Development Bank of Japan
“We are pleased to announce that we have executed a follow-on investment in Cellid from our fund, whose lead investor is AXA Life Insurance Co. Ltd. We highly valued their advanced technologies related to AR and decided to invest for them to commercialize their products with global companies. We expect that their products will bring people’s relationship with computers closer and bring innovation to their lives. As a shareholder, we will actively support them.”
– Akihiro Matsuyama, Representative Director, More Management
“We are very pleased that KVIF-I has invested in Cellid. We are committed to cutting-edge research and development to fulfill our corporate Management Rationale, ‘contribute to the advancement of society and humankind’. AR and other XR technologies are building a new relationship between humans and computers. Glass waveguides and spatial recognition engines developed by Cellid are essential in our search for the next generation of key devices. We are committed to supporting Cellid as they take on the challenge of using their advanced technology to contribute to the advancement of society and humankind.”
– Shouichi Nakagawa, Executive Officer, Senior General Manager, Corporate R&D Group, Kyocera Corporation
“The AR glasses market continues to expand, with large companies expected to enter the market. Cellid, with its innovative manufacturing technology and knowledge, has huge potential for growth. 15th Rock, with a core focus on supporting innovations in Human Augmentation, will fully support Cellid’s mission by making the most of the knowledge and network it has cultivated to date.”
– Tetsu Nakajima, Founder/General Partner, 15th Rock
“We are very pleased to invest in Cellid, a leading Japanese developer of AR glasses devices, which are rapidly gaining attention around the world, especially among big tech companies, as the next-generation device following smartphones. CEO Satoshi Shiraga and his management team have great potential to develop cutting-edge Japanese technology on a global scale. It is very exciting to imagine a near future in which Cellid’s products will be available in the market and in the hands of many people around the world. The entire Fukuoka Financial Group (FFG) is committed to supporting Cellid’s further growth and address of challenges.”
– Miruto Ōhara, Investment Manager, Investment Department, FFG Venture Business Partners
