Press release: Avegant Closes Extended Series A Round of Funding Led by Intel Capital and NHN Investment
REDWOOD CITY, Calif. — Avegant today announced the close of an extended $9.37 million series A round of venture funding led by Intel Capital and NHN Investment. The company will use the funds to further development of its near-eye display technology, code-named Glyph, a premium pair of headphones with integrated video. The Glyph takes advantage of micromirror technology to deliver an ultra-high quality image in a unique headphone form factor.
“This is a landmark time in Avegant’s growth profile,” Joerg Tewes, CEO of Avegant said. “Funds from this round will help carry Avegant through its manufacturing milestones and solidify our delivery commitments. I couldn’t be more excited in the future of Avegant and the near-eye display industry.”
Other investors include Kaiwu Capital, Crunch Fund, 500 Startups, DN Capital, Calvin Broadus Jr. and the Michigan Angel Fund.
This investment was announced today at the Intel Capital Global Summit, where notable investments in the wearables technology space were disclosed.
“Fueled by investments in innovation, the wearables space continues to flourish and grow,” said Mike Bell, corporate vice president and general manager of the New Devices Group at Intel. “Today’s investments in some of the most innovative companies in the space signal the excitement and momentum in wearable technology. With Intel Capital’s stewardship, Intel continues to invest in pioneering companies that are developing the latest innovations.”
The Intel Capital investment was led by Managing Director Rob Rueckert.
Avegant plans to release the final design of the Glyph at the January 2015 Consumer Electronics Show in Las Vegas. Devices will begin shipping later in the year.
Avegant is a consumer electronics company developing the next generation of wearable near eye displays. Developed and patented on micromirror display technology, their flagship Glyph platform is currently under development and is slated for release in 2015. For more information see avegant.com or follow Avegant on Facebook or Twitter.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11 billion in over 1,400 companies in 57 countries. In that timeframe, 209 portfolio companies have gone public on various exchanges around the world and 363 were acquired or participated in a merger. In 2013, Intel Capital invested US$333 million in 146 investments with approximately 49 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.
NHN Investment is the investment arm of NHN Entertainment group, which is one of the largest internet service companies in South Korea. While strengthening its leadership in the digital content and IT infrastructure business, NHN Entertainment is currently expanding its footprint in the eCommerce and Internet/Mobile infrastructure business in Asia. NHN Investment spearheads the group’s go-to-market strategy in these sectors. NHN Investment focuses on operational synergies with its portfolio companies and provide the market entry opportunities to major consumer markets in Asia or from Asia to other regions.