Cellid – a leading developer of AR display technology and spatial recognition engines – announced it has raised over $7.5 million (approximately 1.1 billion yen) in a Series C Extension funding round.
The funds were secured via a private placement of shares underwritten by SBI Investment, IMM Investment Japan K.K., and IMM Investment. With this latest funding round, the total amount raised by Cellid is now over $15 million (6.4 billion yen).
Cellid’s core business is developing displays for AR glasses and spatial recognition engines. It delivers the industry’s most advanced technology in the development and design of the world’s largest, widest field of view and lightest-weight waveguide. Plus, it has also succeeded in developing the world’s first technology capable of projecting full-color images made of plastic.
With this funding, Cellid will attract top talent from Japan and internationally to strengthen the development of key AR glass components, such as micro projectors and waveguides. Additionally, we will expand our mass production capabilities to accelerate the market launch of our products.
KEY QUOTES:
Cellid has been working on the development of AR glasses in various industries as a next-generation computer device that is more accessible to people and as a tool to solve social issues such as business efficiency and labor shortage. Last November, Cellid launched “Reference Design” (verification model) – well-designed and lightweight eyeglass-type of AR glasses. In April, we released Cellid Precision Fit lenses for AR glasses with diopter correction to accelerate the evolution and adoption of AR glasses. We are very honored that SBI Investment, IMM Investment Group Japan K.K. and IMM Investment Corporation have highly evaluated our efforts. We will continue to work with our partners and user companies to build an ecosystem that can grow together, while ensuring that a wide range of users can fully enjoy the AR experience.
— Satoshi Shiraga, CEO, Cellid
SBI Investment is pleased to support Cellid’s fundraising, as the AR glasses market is expected to grow rapidly, and the company’s advanced waveguide technology has the potential to become an essential technology for next-generation devices. We expect that the digital transformation of society will be furthered through the commercialization of products in collaboration with global companies that take advantage of Cellid’s technological capabilities. Our group will provide full support and contribute to the company’s success.
— Shotaro Iwano, Deputy General Manager of Investment Department, SBI Investment Co. Ltd.
We invested in Cellid because we believe its product module is a groundbreaking solution, and under the leadership of Mr. Shiraga and the rest of the management team, it is expected to bring about a behavioral change in the VR/AR market even though it has been hampered by hardware-driven challenges. We will continue to actively support Cellid’s global expansion through IMM Investment’s network of partnerships with large companies, especially in East Asia.
— Tosei Imaizumi, Chief Investment Officer, MM Investment Japan K.K. and IMM Investment
