Funding Announcement
On September 25, RayNeo announced the completion of its B+ and B++ funding rounds, with investments from institutions including Jiaxing Nanhu Keying, Jiaxing Nanhu Jiaxin Chuanghe, Wuxi Huikai Zhenghe, and Wuxi Huishan Kecy.
Earlier this year, on March 4, RayNeo had announced a new round of financing exceeding 100 million yuan, backed by several institutions including Huatai Zijing and Yan Chuang Group. With these recent rounds, RayNeo has raised over 500 million yuan in total financing in the past six months.
Company Overview
Founded in October 2021, RayNeo was incubated by TCL Electronics. Its core team comprises professionals from Tencent, DJI, Meta, OPPO, iQIYI, and various startups, boasting deep expertise in near-eye display optical design, self-developed AI algorithm models, and multimodal human-computer interaction. The company also excels in supply chain management and production processes.
Innovations in Micro LED and Optical Waveguide
In the Micro LED and optical waveguide domain, RayNeo launched and mass-produced the world’s first binocular full-color Micro LED optical waveguide AR glasses, the RayNeo X2, in 2023. The latest generation of full-color Micro LED light engines has seen a 50% reduction in size and a mass production yield rate of 95%. The next-generation AR glasses, RayNeo X3, weigh approximately 60 grams, offer nearly a 50% improvement in battery life, and double the display brightness.
Advancements in Micro OLED and BirdBath Technology
In the Micro OLED and BirdBath sector, RayNeo released the RayNeo Air 2s AR glasses in May of this year. The product features a resolution of 3840×1080 pixels, an eye brightness of 600 nits, a high contrast ratio of 100,000:1, and a wide color gamut of 108% sRGB. Additionally, it achieves a high color accuracy with Gamma 2.2 and supports a color depth of 16.7 million colors.
AI and AR Ecosystem Development
RayNeo has introduced the first AI and AR glasses operating system, RayNeo AI OS, which provides interactive experiences for AR glasses and supports a variety of AI applications, including smart assistants, AI translation, and AI image recognition.
Strategic Partnerships and XR Business Expansion
On August 29, RayNeo announced a joint venture with Doctor Glasses to collaborate on the R&D, design, sales, marketing, and service of the next generation of AI glasses, with the first AI glasses expected to launch by the end of the year.
To accelerate its XR business strategy, RayNeo signed a project agreement on September 19 with the Jiaxing Nanhu High-tech Zone to establish a headquarters for optical R&D and manufacturing, aiming for an annual production capacity of 1.05 million optical module sets. Furthermore, on August 8, the company entered into an agreement with Wuxi City to invest 1 billion yuan in the Huishan Economic Development Zone to build a research and development headquarters for XR devices, targeting an annual production of 1 million XR devices.
Market Outlook for Near-Eye Display Systems
Near-eye display systems are critical for smart glasses imaging. Traditional technologies like LCD, LCoS, DLP, and LBS are limited by brightness and resolution issues. Although Micro OLED and Micro LED technologies face certain challenges, they offer more balanced performance in resolution, contrast, power consumption, and size, aligning better with smart glasses requirements.
Predictions indicate that as supply increases and costs decrease, Micro OLED will achieve significant competitive advantages in the high-end VR and MR markets. Micro LED, with its compact size and high brightness, aligns closely with AR product demands. With breakthroughs in full-color technology, Micro LED is expected to become a highly promising technology in the near-eye display sector.
By focusing on core technology areas such as Micro LED and optical waveguide, Micro OLED and BirdBath, and AI, RayNeo continuously enhances its product competitiveness and technological advantages. With the support from these multiple funding rounds, RayNeo aims to further advance AI and AR technology research and expand its AR production and manufacturing base, solidifying its position in the consumer-grade AR glasses market.
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