Will Wang, CEO of Even Realities, emphasized the advantages of Shenzhen over Silicon Valley for hardware startups, citing the city's strong engineering talent and supply chain capabilities. The company recently raised $150 million at a $1 billion valuation, with backing from major investors like Meituan and Tencent.
Wang noted that Silicon Valley has shifted its focus away from hardware due to longer development cycles and lower returns compared to AI, leading to a decline in consumer electronics startups in the region. In contrast, Shenzhen continues to foster a vibrant ecosystem for tech innovation, with a range of companies from established giants like Tencent and Huawei to emerging startups.
Even Realities, founded in 2023, has launched smart glasses and is targeting the AI wearables market. While the company has primarily attracted Chinese investors for its funding, it plans to seek global investors for future rounds to support its expansion into international markets, particularly the U.S., where over half of its users are located