Even Realities Technology, founded by former Apple employee Will Wang, has successfully raised $150 million in a pre-Series B funding round, bringing its valuation to $1 billion. The company aims to carve out a niche in the AI wearable market, which is currently dominated by Meta Platforms.
The funds will be used to enhance their next-generation smart glasses, improve AI integration, and expand global operations. Unlike Meta's camera-equipped Ray-Ban glasses, Even Realities' G2 model focuses on user privacy by omitting recording hardware, instead providing features like messaging and navigation through a heads-up display.
The global smart glasses market is experiencing significant growth, with shipments increasing by 167% year-over-year in the first quarter, and projections suggest that shipments could exceed 50 million units by 2030.
Even Realities is primarily funded by Chinese venture capital firms, and its domestic competitor Rokid has a valuation of $2.58 billion, indicating a competitive landscape in the smart glasses sector