O’Melveny Advises DigiLens in Series D FundingNovember 04, 2021
FOR IMMEDIATE RELEASE
SILICON VALLEY—November 4, 2021—O’Melveny represented DigiLens Inc., an innovator in head-worn holographic display and waveguide technology, in its Series D funding round led by Samsung Electronics, a transaction valuing DigiLens at over $500 million.
The transaction was announced November 2.
Additional industry leaders joining the funding round include Samsung Electro-Mechanics, Diamond Edge Ventures, the strategic investment arm of Mitsubishi Chemical Holdings Corporation, Alsop Louie Partners, 37 Interactive Entertainment, UDC Ventures, the corporate venture arm of Universal Display Corporation, Dolby Family Ventures, and others.
A second close is scheduled to be completed near the end of 2021.
Headquartered in Sunnyvale, CA, DigiLens is a leader in holographic waveguides used for XR (extended reality) displays. With this additional funding, DigiLens takes a significant step toward being the core technology ingredient that will soon be inside XR hardware produced by a global ecosystem of contract manufacturers, OEMs, and content providers.
The O’Melveny team advising DigiLens is led by partner David Makarechian, chair of O’Melveny’s Emerging Technologies Group, counsel Martin Mayo, and associate Deepa Kollipara.
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DigiLens issued the following press release:
DigiLens Series D Values the Company at Over $500M with Samsung Electronics Leading the Funding Round
With Over $50 Million Raised in this Round DigiLens’ Technology Becomes a De Facto Standard for XR Glasses and The Company Strengthens its Licensing Business Model and Global Reach
Sunnyvale, CA — November 4, 2021: DigiLens Inc., an innovator in head worn holographic display and waveguide technology, today announced it has closed the first round of its Series D funding. Industry leaders joining Samsung Electronics in the funding round include Samsung Electro-Mechanics, Diamond Edge Ventures, the strategic investment arm of Mitsubishi Chemical Holdings Corporation, Alsop Louie Partners, 37 Interactive Entertainment, UDC Ventures, the corporate venture arm of Universal Display Corporation, Dolby Family Ventures, and others. A second close is scheduled to be completed near the end of 2021 to allow other strategic investors to join this definitive fundraising round.
“Today’s announcement helps establish DigiLens as the frontrunner in the race to develop the core optical technologies that are essential to deploying smart glass augmented reality (AR) and extended reality (XR) devices at scale. The waveguide display optics are the most difficult and important step in developing head worn hardware. We’re excited to be working with Samsung Electronics during this next critical step of the category creation process. Samsung’s innovative nature and proven track record of manufacturing mobile devices at a global scale will unlock value for the whole industry. Bringing smartglasses to market will require an ecosystem approach in order to hit the timelines, volumes, and cost structure required for consumer devices. This funding round puts the necessary pieces in place to finally bring enterprise and consumer smartglasses to market at a realistic price point,” said Chris Pickett, DigiLens CEO.
Extended reality (XR) devices are poised to be the next mobile device and a once in a generation strategic inflection point in computing. XR has profound applications and potential uses in a broad array of sectors ranging from industry to medicine, education, and entertainment. XR is the next evolutionary step in computing from laptops, tablets, and smartphones. Extended reality is an umbrella term that includes virtual reality (VR), augmented reality (AR) and mixed-reality (MR) devices. VR creates an immersive experience that transports users from the physical world to a virtual one. AR provides a digital overlay on the physical world for a more “hands free” experience, while MR includes elements of both. DigiLens is one of the de facto optical standards for smart glass experiences because its technology provides the best balance of thin, light weight, high performance, low cost, and highly manufacturable waveguide displays for AR smartglasses. DigiLens’ proprietary photopolymer and holographic contact copy manufacturing process is more cost-effective and scalable than other waveguide solutions on the market, enabling smaller, lighter, thinner, brighter, and more efficient lenses.
“At Samsung, we develop and innovate technologies that provide unmatched value for our global customers and enable experiences that go beyond what they expect. We are very pleased to invest in and collaborate with DigiLens to prepare differentiated and competitive AR devices,” said Hark Sang Kim, EVP at Samsung Electronics. “I’m pleased to be joining the Board of Directors at DigiLens and I’m committed to strengthening the close bond between our two companies.”
With this additional funding, DigiLens takes a significant step toward being the core technology ingredient that will soon be inside XR hardware produced by a global ecosystem of contract manufacturers, OEMs, and content providers.
DigiLens’ recent announcements about the Design v1 developer smartglasses focused on accelerating XR content creation, and its T-REx (Transparent Resolution Expander) solid state wobbulation breakthrough, which doubles waveguide resolution without forcing tradeoffs in size, power consumption, and form factor, helped create momentum for its Series D funding round. The T-REx innovation, when coupled with microLED light engines, will be key in significantly advancing the long-anticipated distribution of XR technology across global markets.
About DigiLens, Inc.
DigiLens is a leader in holographic waveguides used for XR displays. The company has developed a patented optical platform and photopolymer technology that delivers best-in-class solutions using a unique, low-cost contact-copy manufacturing process. DigiLens enables OEM partners to design and build XR-enabled devices for the global automobile, enterprise, consumer, avionics, and military industries. Based in Sunnyvale, CA, DigiLens investors include industry leaders like Samsung Electronics, Samsung Electro-Mechanics, Diamond Edge Ventures, the strategic investment arm of Mitsubishi Chemical Holdings Corporation, Alsop Louie Partners, 37 Interactive Entertainment, UDC Ventures, the corporate venture arm of Universal Display Corporation, Niantic, Inc., Sony Innovation Fund, Dolby Family Ventures, Continental AG, and more. For more information about the company, please visit www.digilens.com