Auto AR Tech Company WayRay Raises $80M

Today, the hottest chapter in the story of the next generation of automotive technology was revealed.  Automotive augmented reality company WayRay, a Switzerland holographic AR technology expert, has reported raising $80 million in PE funding. The Series C funding was backed primarily by Porsche & Hyundai Motors.

wayray
Image Courtesy: zdnet

WayRay’s holographic AR solutions include:

  • Navion, consumer holographic AR navigation system
  • The embedded Holographic AR Display, an integral solution for cars.
  • The factual AR SDK for developers to create AR apps for cars.
  • Element, a car tracker for smarter driving.

WayRay is at the forefront of cutting-edge holographic AR technologies exclusively for connected cars. WayRay’s own R&D facility ensures innovative work in holographic materials, and complex mechanics to solve real-world business problems of today’s times. WayRay’s recent focus is on embedded HUD systems to be integrated into smart vehicles. Their key area of interest here is building systems that offer plug and play approach to any car.

Why the spotlight on WayRay?

The existence cycle of WayRay’s product is appealing long and they are now becoming a certified provider to the automotive industry but of course, it takes time. They are actually aiming to become a tier-two supplier by next year.

The WayRay team has exclusive proficiency with a rock-solid background in space engineering, hardware and software development. Their pioneering ideas and products have great potential. On the basis of that Porsche will be able to offer their clients customized Porsche solutions. That is the actual reason behind Porsche’s strategic investment decision.

The Hyundai-WayRay association will help the Hyundai in establishing a brand new eco-system that controls AR technology to augment not only navigation systems but ascertain an AR platform for smart cities and smart buildings, which are Hyundai Motor Group’s innovative business interests. It will provide inventive customer experience to drivers.

In a recent interview, WayRay’s creator and chief executive officer, Vitaly Ponomarev, projects that the contracts should be signed commencement of next year and that should help with valuation. He also said that the company has been contacted by all the major car manufacturers.

In fact, the reason why WayRay is receiving the vote of assurance from legacy automotive players is that it integrates effortlessly with the existing driving experience.

WayRay’s technology boasts a small projection system that can be installed in almost any car model. This technology can be personalized for drivers and passengers, normal vehicles and self-driving cars, clients and businesses. The company, which has raised more than $100M to date and aims to become a unicorn with a $1 billion company by the next year, employs more than 250 professionals worldwide with offices in Switzerland, USA, China, and Russia.

The Bottom Line

Despite the fact that focused primarily on automotive applications, WayRay has a strategy to inflate into sectors like construction and home electronics. Going beyond road safety, WayRay’s AR interface could be useful for training race car drivers in closed tracks.

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