Member Article

Augmented reality startup closes £12m Series B with backing from Touchstone

London-based investment firm Touchstone Innovations has announced it has participated in a significant eight-figure Series B round in augmented reality firm (AR) WaveOptics.

The investor has provided £3.1m of the £12m round with existing investors Robert Bosch Venture Capital and Octopus Investments also contributing alongside new investor Gobi Ventures.

Based out of Abingdon in Oxfordshire, WaveOptics is working on its own AR technology which it claims can help solve some of the cost efficiencies and technical problems that manufacturers are currently struggling with.

Utilising its ‘optical waveguide technology’ the startup claims it will be able to provide lightweight screen design with what it describes as ‘unrivalled’ optical performance.

Martin Harriman, Chairman of WaveOptics, said: “WaveOptics is reinventing the AR market, by developing a series of new AR display technologies that enables a wider field of view and brighter full colour images - a unique combination in today’s market.

“This funding round further accelerates development of our industry-leading technologies and enables us to launch programmes in new markets and territories.”

Robert Bahns, Director of Technology Investment at Touchstone Innovations, commented: “WaveOptics’ technology has the potential to open up the AR market by solving some of the key challenges to AR technology adoption.

“The Company has made significant technical and commercial progress since the investment round we led in October 2015, with very positive feedback from industry on its initial beta products.

“This new funding will allow the Company to complete its product development and position itself as a leader and key technology enabler of highly compelling AR experiences.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →