WayRay, a Lausanne, Switzerland—based developer of a holographic augmented reality technology for internet-connected cars, raised US$18m in Series B funding.
Backers included Alibaba and SAIC Motor.
The company will use the funds for technology development.
Led by Vitaly Ponomarev, founder and CEO, WayRay has created patented technology for transparent holographic displays, which is the basis for Navion — its first AR navigation system. To this end, the company has also entered into a partnership with Banma Technologies – a startup backed by Alibaba Group and China’s largest automaker SAIC Motor – to develop a new AR car navigation and infotainment system that integrates augmented reality navigation, driving assistant notifications, a virtual dashboard, and other features. The new system will be built into one of Banma’s 2018 car models.