O’Melveny Guides DigiLens through $50 Million Series C InvestmentMay 14, 2019
FOR IMMEDIATE RELEASE
SILICON VALLEY—May 14, 2019—O’Melveny represented DigiLens Inc., an innovator in holographic waveguide technology for augmented reality (AR) devices, on a $50 million Series C preferred equity investment round. The transaction was announced May 14, 2019.
DigiLens is the leader in patented holographic waveguide displays and provides key proprietary photopolymers and core technologies for transparent AR displays for several global industries. The new investments will enable DigiLens to broaden its development in holographic waveguide displays for automobile, enterprise, consumer, avionics and military brands.
The O’Melveny team advising DigiLens was led by Silicon Valley partner David Makarechian and associate Virginia Harris.
New strategic investment partners UDC Ventures, the corporate venture arm of Universal Display Corporation and Samsung Venture Investment Corp (Samsung Ventures) join in the round with Niantic, Inc., Continental AG, Sony Innovation Fund, Diamond Edge Ventures, the strategic investment arm of Mitsubishi Chemical Holdings Corporation and others.
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DigiLens issued the following press release:
DigiLens Secures Investment from UDC Ventures and Samsung Ventures for Holographic AR Displays
Sunnyvale, CA—May 14, 2019—DigiLens Inc., an innovator in holographic waveguide technology for augmented reality (AR) devices, announced today the closing of an oversubscribed $50 million Series C preferred equity investment round. New strategic investment partners UDC Ventures, the corporate venture arm of Universal Display Corporation and Samsung Venture Investment Corp (Samsung Ventures) join in the round with Niantic, Inc., Continental AG, Sony Innovation Fund, Diamond Edge Ventures, the strategic investment arm of Mitsubishi Chemical Holdings Corporation and others. The new investments will enable DigiLens to broaden its development and innovation in high quality, holographic waveguide displays for global automobile, enterprise, consumer, avionics and military brands.
“UDC Ventures and Samsung Ventures have recognized through this investment that DigiLens is the frontrunner in waveguide technology and the only waveguide that can get to a consumer price point through its proprietary photopolymer, design software, and innovative manufacturing process,” said Chris Pickett, DigiLens CEO. “These partnerships provide the ecosystem that enables our technology to go into a variety of different display markets in a variety of different form factors.”
DigiLens is the leader in patented holographic waveguide displays and provides key proprietary photopolymers and core technologies for transparent, augmented reality (AR) displays for several global industries. Through investments and strategic partnerships, the company is building a world-class ecosystem of manufacturers, OEMs, and content providers to bring its waveguide technology to multiple markets simultaneously.
Young Optics, a leading display manufacturer, was one of the first to license DigiLens technology and recently began shipping products based on the DigiLens Crystal 25 reference design for AR smart glasses.
“We are excited to partner with DigiLens as they continue to focus on enabling a number of high growth markets with their patented holographic waveguide displays,” said Steven V. Abramson,
President and CEO of Universal Display Corporation. “With parallels to our own business, we look forward to working together to bring best-in-class solutions to multiple industries and to collaborate on the future of OLED technology within the augmented and virtual reality display sector.”
As part of the investment, Mr. Abramson will become a board observer and advisor to provide strategic guidance on product development and building OEM relationships.
DigiLens is a leader in holographic waveguides used for augmented reality (AR) 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 AR-enabled devices for the global automobile, enterprise, consumer, avionics and military industries. Based in Sunnyvale, CA, DigiLens investors include industry leaders UDC Ventures, Samsung Ventures, Niantic Labs, Sony Innovation Fund, Rockwell Collins, Mitsubishi Chemical Holdings Corporation, Continental AG and more. For more information about the company please visit: www.digilens.com.
About UDC Ventures
UDC Ventures was launched in 2019 as the corporate venture arm of Universal Display Corporation (Nasdaq: OLED). UDC Ventures seeks to be an impactful strategic investor and to partner with entrepreneurs, disruptive start-ups and innovative, emerging companies in fields related to our strategic focus areas. UDC Ventures is focused on investing in trends that can impact the technology landscape similar to how OLED technology has impacted the broader display market. Importantly, UDC Ventures provides the opportunity to partner with Universal Display Corporation and its platform of global experts in the fields of IP licensing, materials development and manufacturing and its broad relationships with technology leaders. To learn more about UDC Ventures, please visit www.udcventures.com.
Universal Display Corporation, UDC Ventures and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation manages investment and investment-related activities for Samsung affiliate companies. The investment mandate for Samsung Venture Investment Corporation tracks closely to the strategic priorities of Samsung affiliate companies’ core operating divisions, and encompasses investments in semiconductors, displays, telecommunications, and consumer electronics.