WayRay is a Zurich-based holographic augmented reality technology and hardware company that has raised $80 million in funding. WayRay’s augmented reality technology is used in heads-up displays that projects images in front of the driver.
The Series C round of funding was led by Porsche and Hyundai, Alibaba, China Merchants Capital, JVC Kenwood, and Consortium of Sovereign Wealth Funds also participated.
WayRay will be using the funding to grow its display technology business by partnering with OEMs in order to have its display technology integrated into vehicles starting next year.
“The WayRay team has unique technical expertise with sound backgrounds in space travel, hardware and software development,” said Porsche Deputy Chairman of the Executive Board and Chief Financial Officer Lutz Meschke. “It has been shown that WayRay’s innovative ideas and products have enormous potential. We are convinced that we will be able to offer our customers typical Porsche solutions on this basis in the future. This is why we have decided to make a strategic investment.”
WayRay and Porsche originally partnered on a framework called “Startup Autobahn,” which will continue forward strategically in order to promote future technology for the automotive industry.
Launched five years ago, WayRay’s products are still in prototype mode. According to Business Insider, WayRay is valued at $500 million following this round of funding. And WayRay founder and CEO Vitaly Ponomarev is projecting that the valuation will double shortly after its products commercially rolls out.
The company is expected to become a tier-two supplier by next year. And contracts are expected to be signed at the beginning of next year. WayRay also said that the company has been contacted by all of the major carmakers. WayRay is going to be launching an SDK in two weeks in order to build apps.
One of WayRay’s R&D facilities is in Moscow, Russia and the Russian Direct Investment Fund is one of the company’s investors. And WayRay has another facility in Switzerland. WayRay also has a facility in Germany where it builds commercial parts and a facility in China for sales.
