Even Realities Technology, a Chinese smart-glasses maker founded by an Apple veteran, has become a unicorn after raising $150 million in a pre-Series B funding round with investors including Meituan and Tencent, reaching a valuation of $1 billion (06/07).

The Shenzhen-based startup said the funding will be used to develop its next-generation smart glasses platform, strengthen AI integration, expand global operations, and accelerate product innovation.

The company was founded in 2023 and has joined global companies developing advanced devices and electronics designed to bring AI benefits to individual users.

Even Realities is targeting the AI wearable market, which is currently led by Meta Platforms through its smart-glasses products.

Apple Veteran Will Wang Builds AI Wearable Rival to Meta Smart Glasses

Even Realities was founded by Will Wang, who previously worked at Apple from 2016 to 2018.

During his time at Apple, Wang was involved in the development and mass production of Apple Watch and iPhone products.

The company said its vision for Even G2 smart glasses was partly influenced by Wang’s experience at Apple.

Even Realities launched the Even G2 smart glasses with a larger display and lighter frame late last year, alongside the Even R1 smart ring, which controls the display of the G2 glasses.

“The future isn’t about pulling out a device every time you need information,” Wang said. “It’s about having the right information available exactly when you need it, while remaining fully present in the world around you.”

Even Realities Focuses on Privacy With Camera-Free Smart Glasses

Unlike Meta’s camera-equipped Ray-Ban smart glasses, Even Realities’ flagship G2 glasses do not include cameras or recording hardware.

The glasses provide notifications, navigation, and live translation through a heads-up display built into the lenses.

The company has highlighted user privacy as a key part of its smart-glasses approach.

Even Realities said more than half of its user base is located in the United States, while around 80% of its developer community is also based in the country.

Smart Glasses Market Growth Drives Competition Among Global Players

The global smart-glasses market grew 167% year-on-year in the first quarter, with worldwide shipments reaching 2.25 million units, according to research firm IDC.

Meta led the market with nearly 70% market share, followed by augmented reality glasses maker Shenzhen RayNeo Technology and Chinese consumer electronics company Xiaomi, according to IDC.

IDC said market growth was driven by wider adoption of display-less smart glasses, led by Meta’s Ray-Ban partnership.

Global shipments of smart glasses, including products with display technology and virtual reality functions, are expected to more than double to 50 million units in 2030.

Even Realities has mainly received funding from Chinese-origin venture capital and private equity firms, including CDH Investment, Monolith Management, and CVC Capital.

The company also raised an undisclosed amount from Hong Kong-based Unicorn Capital Partners and Cyanhill Capital in January.

Its Chinese rival Rokid is valued at $2.58 billion after raising $522 million in its latest funding round in March, according to PitchBook data.

RayNeo, which was incubated by TCL Electronics, has a valuation of $239.9 million, according to PitchBook.

PHOTO: CES

This article was created with AI assistance.

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