Even Realities Technology, a Chinese smart glasses company founded by a former Apple engineer, has become a unicorn after raising US$150 million in a pre-Series B funding round.

The funding round valued the Shenzhen-based startup at US$1 billion. Investors included major Chinese technology companies Tencent and Meituan.

Even Realities was founded in 2023 by Will Wang, who currently serves as the company’s founder and CEO. Before creating the startup, Wang worked at Apple from 2016 to 2018 and contributed to the development and mass production of Apple Watch and iPhone products.

The company said the new funding will support the development of its next-generation smart glasses platform, deeper AI integration, global operations expansion, and faster product innovation.

Even Realities is entering a growing global market for AI-powered wearable devices, competing with companies including Meta Platforms that are developing smart glasses designed to bring AI features closer to users.

Apple Veteran Builds Privacy-Focused Smart Glasses to Compete With Meta

Even Realities is developing smart glasses with a different approach from Meta’s Ray-Ban smart glasses.

The company’s flagship Even G2 smart glasses do not include cameras or recording hardware. Instead, the device provides notifications, navigation, and live translation through a heads-up display built into the lenses.

The company said its product vision was partly influenced by Wang’s experience at Apple. Late last year, Even Realities launched the Even G2 with a larger display and lighter frame, along with the Even R1 smart ring that controls the G2 display.

Unlike Meta’s camera-equipped smart glasses, Even Realities highlights privacy as one of its main product features by avoiding recording hardware.

“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 Targets Global Growth With Strong U.S. User Base

Although Even Realities has been mainly funded by Chinese-origin venture capital and private equity firms, the company is building an international presence.

The company said more than half of its user base is located in the United States. Around 80% of its developer community is also based in the country.

Even Realities has received funding from several Chinese-origin investment firms, including CDH Investment, Monolith Management, and CVC Capital.

In January, the company also raised an undisclosed amount from Hong Kong-based Unicorn Capital Partners and Cyanhill Capital.

The company’s growth comes as other Chinese smart glasses companies also attract significant investment. Domestic rival Rokid reached a valuation of US$2.58 billion after raising US$522 million in March, according to PitchBook data.

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

Smart Glasses Market Growth Creates New Competition

The global smart glasses market has experienced rapid growth as more companies develop AI-powered wearable devices.

According to International Data Corporation (IDC), global smart glasses shipments increased 167% year over year in the first quarter, reaching 2.25 million units worldwide.

IDC reported that Meta led the market with nearly 70% market share. The company was followed by Shenzhen RayNeo Technology and Chinese consumer electronics company Xiaomi.

The research firm said growth was driven by mainstream adoption of display-less smart glasses, led by Meta’s Ray-Ban partnership.

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

Even Realities is positioning itself in this expanding market with its AI-focused smart glasses platform, privacy-focused design, and plans to expand its global operations.

This article is a summary of several original articles. The full versions can be read at the following links:

https://voi.id/en/technology/38487#google_vignette

https://www.evenrealities.com/blogs/buyers-guide/will-smart-glasses-replace-smartphones?srsltid=AfmBOopWsrhFxTElkfVpClDebL_VWR0GIKBUdrrygQhN0gHaY7o7zcU_

https://www.cnbc.com/2026/07/06/apple-veteran-takes-on-meta-with-1-billion-smart-glasses-maker.html

PHOTO: EVEN REALITIES

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