WayRay has raised 80 million dollars in a Series C financing round, announced a statement. Among the investors are Porsche, Hyundai, Alibaba, the Japanese electronics manufacturer Jvckenwood, the Chinese fund China Merchants Capital and the Japanese bank JBIC. Alibaba first got involved with the startup more than a year ago.
The startup from the Greater Zurich Area is developing head-up displays. A technology for cars based on augmented reality, these so-called HUDs display information such as text messages or city maps in 3D on the windscreen so drivers can keep their eyes on the road. They can be installed in almost any car model regardless of interiors, according to the statement.
Porsche, which is already working with WayRay on another project, hopes to use the technology to expand its digital services. Lutz Meschke, member of the board for finance at Porsche, sees “great potential” in the WayRay solution.
With the latest financing round, WayRay has now raised more than 100 million dollars. It plans to use the funds to establish a production line in Germany and to develop the technology for use in smart glasses, buildings and construction.
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