UK AR company, WaveOptics, has secured $15.6m (£12m) Series B funding, led by Chinese investment company, Gobi Ventures. Existing investors Octopus Ventures, Touchstone Innovations plc and Robert Bosch Venture Capital GmbH reinvested in the round. The company intends to use the new funding to accelerate technology development and explore new markets and territories.

Based in Abingdon, Oxfordshire, WaveOptics has developed its patented Waveguide to provide more cost effective solutions to AR hardware manufacturers. The optical design harnesses waveguide hologram physics and photonic crystals rather than conventional augmented reality projection. Collimating small input/large output processing allows for lightweight, the company aims to provide all-day ergonomics with unrivalled optics and power efficiency.