Key facts
- Even Realities, a smart glasses startup, raised $150 million in a pre-Series B funding round.
- The funding round achieved a $1 billion valuation for the company.
- The round was led by Meituan and Tencent, with participation from existing investors.
- Even Realities focuses on display-first smart glasses, prioritizing privacy by omitting cameras.
- The company's latest product, the G2, utilizes a heads-up display and a companion ring for control.
- Even Realities has sold over 10,000 units of its smart glasses.
Even Realities, a three-year-old smart glasses startup based in Shenzhen, has secured $150 million in a pre-Series B funding round, achieving a $1 billion valuation. The round was led by Meituan and Tencent, with participation from previous investors including Hillhouse, Sequoia China, and Northern Light Venture Capital.
The company, founded by former Apple engineers, is differentiating itself in a competitive market by focusing on display-first smart glasses that prioritize user privacy, eschewing cameras in favor of heads-up displays. Its latest product, the G2, launched in November and is controlled via a companion ring.
Even Realities has seen significant traction, surpassing its 10,000-unit sales target for its first product and growing its team from around 30-40 employees to 300-400. The company has developed proprietary optical technology, Even HAO, and emphasizes privacy through features like real-time transcription and encrypted data.
While manufacturing in China, Even Realities' primary markets are currently the U.S., Japan, South Korea, the Middle East, and Europe, with plans to eventually enter the Chinese market. The company positions its products at the higher end of the price spectrum, with an average order value around $1,000.