Observed Signal · Jul 6, 2026 · Funding · Source: techcrunch · Impact: 3/5 · Sentiment: Positive
Even Realities Raises $150M, Reaches $1B Valuation
Even Realities, a Shenzhen-based smart-glasses startup founded in 2023 by ex-Apple engineer Will Wang, raised $150 million in a pre-Series B round that values the company at $1 billion. Investors named in the round include Meituan and Tencent, alongside Chinese VC and PE backers such as CDH Investment, Monolith Management and CVC Capital; earlier rounds included Hong Kong’s Unicorn Capital Partners and Cyanhill Capital. The company sells display-first, camera-less AR glasses (Even G2) with a companion control ring (Even R1), emphasizes user privacy and has a majority of its users and roughly 80% of its developer community in the U.S. Industry data from IDC shows smart-glasses shipments surged and that Meta holds roughly 70% market share; IDC forecasts shipments could exceed 50 million by 2030. Earlier reporting in our database also notes Even Realities developed a proprietary optical system (Even HAO), has sold more than 10,000 pairs and expanded headcount substantially.
A $150M pre-Series B that creates a China-backed smart-glasses unicorn signals strong investor interest in AR wearables and optics; the company’s camera-less, privacy-forward approach and proprietary optics could influence future consumer hardware channels and developer ecosystems relevant to advertising and media distribution.
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Key Takeaways & Evidence Grounding
- Even Realities Technology raised $150 million in a pre-Series B round, valuing the company at $1 billion.
- Investors in the round include Meituan and Tencent; other backers cited by the company include CDH Investment, Monolith Management, CVC Capital, Unicorn Capital Partners and Cyanhill Capital.
- Founder and CEO Will Wang previously worked at Apple (2016–2018) and is targeting the AI wearable market with display-first, camera-less smart glasses (Even G2) and a companion ring (Even R1).
- The company says more than half of its user base is in the United States and about 80% of its developer community is U.S.-based.
- IDC reported global smart-glasses shipments rose 167% year-over-year in Q1 to 2.25 million units, with Meta holding nearly 70% market share; IDC expects shipments could surpass 50 million by 2030.
Connected Companies & Entities
6 Entities mapped“Meta and Snap rolled out new smart glasses last month, the latest sign that the industry is racing to put a camera and an AI assistant onto ...”
“Even Realities ... has raised $150 million in a pre-Series B round led by Meituan and previous backer Tencent;...”
“Even Realities ... has raised $150 million in a pre-Series B round led by Meituan and previous backer Tencent;...”
“Even was started by ex-Apple engineers in 2023. CEO Wang worked on the Apple Watch and iPhone;...”
“Even’s earlier backers are mostly high-profile China names — Hillhouse, Sequoia China, and Northern Light Venture Capital....”
“Founder and CEO Will Wang told TechCrunch that while rivals chase camera-equipped devices built around content capture and AI, his company i...”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Xreal Says It Cracked Smartglasses with Project Aura
Xreal, a long-time Google partner led by founder and CEO Chi Xu, showcased Project Aura — a new wired smart glasses system with embedded OLED displays and a pocketable tethered "puck" mini-computer — at Google I/O. Aura supports immersive experiences including a Google Maps app, VR YouTube playback, hand-tracked holographic painting and games, and basic web browsing. The device is presently available to developers with a commercial launch planned later in 2026. Xreal is preparing an IPO expected before the end of 2026 and says it has raised gross margins while cutting go-to-market costs, targeting break-even next year. The article frames Xreal’s announcement as part of a wider industry shift toward smaller form factors and improved software after years of limited commercial success in smart glasses.
LetinAR Builds Optics for AI Smart Glasses
South Korean startup LetinAR designs the tiny optical modules that enable wearable AI smart glasses. The LG Electronics‑backed company raised $18.5 million from Korea Development Bank, Lotte Ventures and others ahead of a planned 2027 IPO, bringing total funding to $41.7 million. LetinAR’s founders, CEO Jaehyeok Kim and CTO Jeonghun Ha, say the company’s PinTILT approach arranges microscopic optical elements to direct light only into the user’s eye, aiming to deliver brighter images in thinner, lower‑power modules compared with waveguide and birdbath designs. Its modules are already shipping to customers including NTT QONOQ Devices, Dynabook and Swiss helmet maker Aegis Rider (targeting EU/Swiss markets in 2026). The article notes rapid market growth for AI glasses (8.7 million units shipped in 2025, projected to exceed 15 million in 2026 per Omdia) and positions LetinAR as a supplier scaling toward mass production.
Nothing Reportedly Plans AI Smart Glasses and Earbuds
London-based hardware company Nothing is reportedly planning to expand beyond smartphones with a pair of AI-capable smart glasses targeted for next year and AI-enabled earbuds expected this year, according to a Bloomberg report cited by TechCrunch. The smart glasses are said to include cameras, microphones and speakers and would connect to a smartphone and the cloud to process AI queries. CEO and co-founder Carl Pei has shifted toward a multi-device strategy. The moves would put Nothing in competition with companies already in or rumored to be entering the smart-glasses market, including Meta, Rokid, Even Realities, Apple and Google. Nothing raised a $200 million Series C last year valuing the company at $1.3 billion and has emphasized using AI across hardware and software to differentiate its products.
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