This Holographic AR Company Is Getting Car Manufacturers Excited
WayRay is looking to disrupt the automotive head-up display market with its AR technology
WayRay, a Zurich-based startup is making splashes in the automotive industry with its holographic augmented reality technology and hardware that projects digital images into a driver’s filed of vision. According to TechCrunch, the startup recently raised $80 million from Porsche, Hyundai, Alibaba Group and several other funds. And WayRay doesn’t want to stop at the automotive industry. It says that it’s looking to develop display technology for other kinds of displays like windows as well. The five-year-old company has raised a little over $100 million and is currently valued at around $500 million, although most of its products are still in the prototype stage.
“The lifecycle of our product is pretty long,” WayRay’s CEO Vitaly Ponomarev said. “We are just now becoming a certified supplier to the automotive industry but that takes time. We are aiming to become a tier-two supplier by next year. The contracts should be signed beginning of next year and that should help with valuation.” The company is said to be in contracts with nearly all the major car manufacturers.
It’s interesting to see how WayRay will fair with strong competition from competitors like Panasonic and Continental, which are both fighting over shares of the automotive head-up display market that could potentially be as big as $1 billion within the near future.
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