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Israeli AR Co Lumus Raises $30m

The Rehovot based augmented reality company has raised $45 million this year.

As reported in Globes (edited):

Israel augmented reality company Lumus Ltd. announced today that it has raised $30 million in funding from strategic investors including Taiwan’s Quanta and HTC. Lumus plans to use the new financing to expand development, operations, and marketing of its groundbreaking, transparent wearable display technology for the AR and smart eyewear industry. Earlier this year – and as part of this $45 million round – the company raised $15 million in funding led by Shanda Group and Crystal-Optech.

Lumus strives to set the standard for the underlying optical technology needed to create see-through wearable displays. Lumus serves multiple AR verticals that include health care, manufacturing logistics, avionics and, more recently, consumer products.

According to an IDC study released earlier this month, augmented reality could become an everyday technology for more than a billion consumers within the next five years. The International Data Corporation predicts that 30% of Global 2000 companies will begin incorporating AR and virtual reality (VR) into their marketing programs during 2017. With market size projected to reach $90 billion by 2020, remarkable growth in the AR market is projected for years to come.

The PokemonGo craze that swept Australia in July is a powerful reminder of the popularity of the AR experience, and more Australian retailers are expected to trial AR technologies in 2017.