Apple veteran's Chinese smart-glasses firm becomes unicorn as Tencent, Meituan fund rival to Meta

A new player in the smart glasses market, founded by a former Apple executive, has achieved unicorn status following a significant funding round led by major investors such as Tencent and Meituan. Even Realities Technology successfully secured $150 million in its pre-Series B funding, pushing its valuation to $1 billion. Founded by Will Wang, who contributed to the development of the Apple Watch and iPhone during his tenure at Apple from 2016 to 2018, the Shenzhen-based startup is poised to enter the competitive AI wearable market, currently dominated by Meta Platforms. The influx of capital will be directed towards enhancing their next-generation smart glasses platform, increasing AI integration, expanding global operations, and accelerating product innovation. Even Realities is among a growing number of companies, including Meta, that are focused on creating advanced gadgets that leverage AI to enhance user experiences. Earlier this year, Alibaba entered the space with the launch of Quark AI glasses. The startup's flagship product, the Even G2 smart glasses, features a larger display in a lightweight design and was introduced alongside the Even R1 smart ring, which controls the G2's display. Notably, the Even G2 glasses prioritize user privacy by omitting camera and recording functionalities, unlike Meta's Ray-Ban smart glasses. Instead, they offer messaging, navigation, and live translation through a heads-up display integrated into the lenses. "The future isn't about pulling out a device every time you need information," Wang articulated. "It's about having the right information available exactly when you need it, while remaining fully present in the world around you." Currently, over half of Even Realities' user base is located in the United States, which also hosts about 80% of its developers. According to consultancy firm IDC, the global smart glasses market saw a staggering 167% increase in shipments in the first quarter of this year, totaling 2.25 million units. Meta holds a dominant 70% market share, followed by players like Shenzhen RayNeo Technology and Xiaomi. Looking ahead, the demand for smart glasses is expected to surge, with projections indicating global shipments will exceed 50 million units by 2030. Even Realities' funding primarily comes from Chinese venture capital and private equity firms, including CDH Investment and Monolith Management. The startup also received an undisclosed investment from Hong Kong's Unicorn Capital Partners earlier this year. Meanwhile, its domestic competitor, Rokid, is valued at $2.58 billion following a recent funding round that raised $522 million. In the rapidly evolving tech landscape, Even Realities is on a trajectory that could redefine the smart glasses experience, focusing on user-centric innovation while safeguarding privacy.