WayRay, a Swiss developer of a holographic augmented reality technology for connected cars, announced that it has closed its Series B financing round which had come from existing investors as well Alibaba Group.
WayRay also entered into a partnership with Banma Technologies to develop a new AR car navigation and infotainment system.
Over the past 4 years, WayRay has used US$10 million of its own funds as well as Angel and Series A venture capital, to create a patented technology for transparent holographic displays. This technology is the basis for Navion – WayRay’s first AR navigation system.
Banma Technologies is an independent startup invested by Alibaba Group and China’s largest automaker SAIC Motor, dedicated to making developments in internet-connected cars. WayRay will work closely with this consortium to create an advanced AR HMI that integrates augmented reality navigation, driving assistant notifications, a virtual dashboard, and much more.
The new system will be built into one of Banma’s 2018 car models, turning it into the world’s first vehicle in production with a holographic AR head-up display (HUD).