WaveOptics: Difference between revisions

|image= <!-- It's recommended to upload the company logo file to the wiki and link it here -->

|Industry= [[Augmented Reality]], [[Optics]], [[Waveguide (optics)|Waveguides]], [[Display technology]] <ref name="industry1"/><ref name="industry2"/><ref name="industry3"/><ref name="industry4"/>

|Founded= {{Start date|2014}} <ref name="founded_2014_1"/><ref name="founded_2014_2"/><ref name="founded_2014_3"/><ref name="founded_2014_4"/> (Development work began earlier, possibly 2012/2013 <ref name="octopus_2012"/>)

|Headquarters= [[Milton Park]], [[Abingdon-on-Thames|Abingdon]], [[Oxfordshire]], [[United Kingdom|UK]] <ref name="hq1"/><ref name="hq2"/>

|Notable Personnel= [[David Hayes]] ([[Chief executive officer|CEO]], 2017–2021)<ref name="ceo1"/><ref name="ceo2"/> <br/> [[Sumanta Talukdar]] (Co-Founder) <ref name="founders1"/><ref name="founders2"/> <br/> [[David Grey]] (Co-Founder, [[Chief scientist|Chief Scientist]]) <ref name="founders1"/><ref name="founders2"/><ref name="personnel_grey_cs"/> <br/> [[Salim Valera]] (Co-Founder) <ref name="founders1"/><ref name="founders3"/> <br/> [[Phil Greenhalgh]] ([[Chief technology officer|CTO]]) <ref name="cto_phil"/>

|Products= [[Diffraction grating|Diffractive]] [[Waveguide (optics)|waveguides]] (Katana, Vulcan, Odin), [[Optical engine]]s (Merlin, Titan) for [[Augmented Reality|AR]] [[Smartglasses|smartglasses]] and headsets <ref name="products1"/><ref name="products2"/><ref name="product_names"/> <br/> Projectors (e.g., Saturn 2, Loki) <ref name="product_names"/><ref name="loki_projector"/>

|Parent= [[Snap Inc.]] (Since May 2021) <ref name="parent1"/><ref name="parent2"/>

|Website= {{URL|https://waveoptics.ar/}} <ref name="website_official"/> <!-- Updated URL from Art 4 -->

'''WaveOptics Limited''' is a British [[technology company]] specializing in the design and development of [[diffraction grating|diffractive]] [[waveguide (optics)|waveguides]] and [[optical engine]]s for [[Augmented Reality]] ([[AR]]) [[smartglasses]] and headsets. <ref name="intro1"/><ref name="intro2"/> Founded in 2014 and headquartered in [[Oxfordshire]], UK, the company developed key optical components intended to enable lightweight, high-performance, and mass-market AR wearables. <ref name="intro1"/><ref name="founded_2014_1"/><ref name="hq1"/><ref name="intro3"/> WaveOptics was acquired by [[Snap Inc.]] in May 2021 for over $500 million, becoming a wholly owned subsidiary and the primary supplier of displays for [[Spectacles (hardware)|Snap Spectacles]]. <ref name="parent1"/><ref name="parent2"/><ref name="acq_value"/><ref name="Verge2021"/> WaveOptics operates as a wholly‑owned subsidiary of Snap while continuing to serve other [[Original equipment manufacturer|original-equipment manufacturers]] (OEMs) with its patented waveguide technology.<ref name="Reuters2021"/><ref name="snap_subsid"/>

WaveOptics was founded in 2014 by Sumanta Talukdar, David Grey, and Salim Valera, who shared a background developing [[Head-up display|head-up displays]] ([[HUD]]) and [[Helmet-mounted display|head-mounted displays]] ([[HMD]]) in the [[defence industry]] at [[BAE Systems]]. <ref name="founded_2014_1"/><ref name="founders1"/><ref name="founders2"/><ref name="founders_bae"/> They conceived a novel waveguide approach and filed their first patent for [[Exit pupil expansion]] (EPE) technology the same year. <ref name="founders1"/><ref name="history_patent"/><ref name="Patent2019"/> Some sources suggest initial development work started as early as 2012 or 2013. <ref name="octopus_2012"/>

The company secured its first funding round in December 2015. <ref name="funding_rounds"/> In 2016, WaveOptics was a finalist at the [[Pitch@Palace]] event attended by HM Queen Elizabeth II. <ref name="pitch_palace"/>

In July 2017, WaveOptics raised $16 million (£12 million) in a Series B funding round involving investors such as [[Octopus Ventures]], [[IP Group]], Hostplus Touchstone (later Touchstone Innovations/Imperial Innovations), and [[Robert Bosch Venture Capital]] (RBVC), joined by new investor Gobi Partners. <ref name="series_b"/><ref name="funding_investors"/> Later that year, David Hayes, formerly of [[DAQRI]] and 1066 Labs, was appointed as the new [[Chief executive officer|CEO]] to scale the business for mass manufacture. <ref name="series_b"/><ref name="ceo1"/><ref name="About2023"/>

The company continued to raise capital, closing a Series C round totalling $39 million (£30 million) by September 2019. <ref name="series_c_1"/><ref name="series_c_2"/><ref name="Auganix2019"/> This round included existing investors and new backers like [[Goertek]], a key manufacturing partner, and Optimas Capital Partners. <ref name="series_c_1"/><ref name="series_c_goertek"/> The funding was aimed at scaling up operations globally, particularly in [[Asia]] and the [[United States|US]], and establishing high-volume manufacturing capabilities to meet growing demand from OEMs and [[Original design manufacturer|ODMs]]. <ref name="series_c_scale"/><ref name="funding_scale"/> WaveOptics opened offices in [[Los Angeles]] and [[Taipei]] and planned a new office in [[Beijing]]. <ref name="offices"/>

WaveOptics specializes in diffractive waveguides, a key optical component for transferring a projected image into the user's eye in an AR display system. <ref name="industry1"/><ref name="tech_how1"/> Their technology employs volume holographic gratings fabricated via [[nanoimprint lithography]] and aims to produce AR displays with a large [[Eye box|eye-box]] (viewing window), wide [[Field of view|field of view]] (FOV), high optical efficiency, low chromatic dispersion, and full-colour, crisp images suitable for mass manufacture in slim eyewear form factors. <ref name="tech_how2"/><ref name="tech_mass_manufacture"/><ref name="Patent2019"/>

*'''Exit Pupil Expansion (EPE):''' Employed patented techniques for expanding the exit pupil, allowing for a larger viewing area and accommodating variations in user [[Interpupillary distance|interpupillary distance]] and headset positioning. <ref name="founders1"/><ref name="tech_epe"/><ref name="Patent2019"/> WaveOptics often highlighted its use of a two-dimensional EPE approach. <ref name="tech_2d_epe"/>

*'''Grating Design:''' Some patented designs utilize a three-grating structure, while other implementations reportedly used only two main diffraction regions (an input grating and a 2D output grating structure), potentially simplifying the design compared to some rival approaches. <ref name="Patent2019"/><ref name="tech_two_grating1"/><ref name="tech_two_grating2"/>

*'''Materials Partnership:''' Collaborated with major glass manufacturers like [[Corning Inc.]] and [[Schott AG]] to source ultra-flat, high-index glass wafers necessary for their waveguides. <ref name="tech_materials1"/><ref name="tech_materials2"/>

| '''Katana''' <ref name="Katana2020"/><ref name="katana1"/><ref name="katana2"/> || 1 || 28°–30° || 1.15 mm || 7 g || 2020 || Consumer notifications & navigation <ref name="katana_use_case"/>

WaveOptics complemented its waveguides with projectors like the Saturn 2 <ref name="Saturn2024"/> and offered reference optical engine modules such as Merlin and Titan. <ref name="product_names"/> A notable compact projector, '''Loki''', was designed by WaveOptics incorporating a [[MicroLED]] microdisplay from partner [[Jade Bird Display]] (JBD) for use with the Katana waveguide in development kits like "Leopard". <ref name="loki_projector"/>

WaveOptics also partnered with companies like [[Luxexcel]] to integrate their waveguides into [[3D printing|3D-printed]] prescription lenses, aiming to address the vision correction needs of potential AR users. <ref name="luxexcel_partnership1"/><ref name="luxexcel_partnership2"/> They collaborated with [[MicroLED]] developers like JBD and [[Plessey Semiconductors]] (prior to its acquisition by [[Meta Platforms|Facebook/Meta]]) on next-generation display modules. <ref name="loki_projector"/><ref name="plessey_partnership"/><ref name="Plessey2020"/>

* '''[[Goertek]]''': In November 2018, WaveOptics signed an exclusive high‑volume manufacturing agreement with the Chinese ODM, establishing a dedicated production line. <ref name="Goertek2018"/> Goertek also became an investor in WaveOptics' Series C round. <ref name="series_c_goertek"/>

* '''[[Corning Inc.]]''': Long-term supply deal agreed in December 2018 for ultra-flat, high-index glass wafers. <ref name="tech_materials2"/>

* '''[[EV Group]] (EVG)''': Collaboration announced in 2019 focused on scalable manufacturing solutions for AR optics production using EVG's nanoimprint lithography equipment. <ref name="evgroup"/>

Prior to its acquisition, WaveOptics had raised approximately $55-60 million across multiple funding rounds. <ref name="funding_rounds"/><ref name="CBInsights2024"/> Key rounds included:

* '''Series C (Dec 2018 - Sep 2019):''' $39 million (£30 million) raised in two tranches, led by existing investors and joined by Goertek and Optimas Capital Partners. <ref name="series_c_1"/><ref name="series_c_2"/><ref name="Auganix2019"/>

On May 21, 2021, [[Snap Inc.]], the parent company of [[Snapchat]], announced its acquisition of WaveOptics for over $500 million. <ref name="parent1"/><ref name="acq_value"/><ref name="acq_date"/><ref name="Verge2021"/> The deal involved a combination of stock and potentially cash payments over two years. <ref name="acq_terms"/><ref name="Reuters2021"/> At the time, it was reported as Snap's largest acquisition and a significant deal in the UK [[Deep tech|deep tech]] sector and the AR hardware space. <ref name="snap_subsid"/><ref name="acq_significance"/>

WaveOptics' technology was already being used in Snap's 4th generation [[Spectacles (hardware)|Spectacles]] AR glasses, which were released to developers around the same time. <ref name="spectacles_tech1"/><ref name="spectacles_tech2"/> Snap CEO [[Evan Spiegel]] described the acquisition as a long-term investment in the future of Spectacles, highlighting WaveOptics' years of development in complex waveguide technology. <ref name="spiegel_quote"/>

Following the acquisition, WaveOptics became a wholly owned, independent subsidiary of Snap, remaining headquartered in Oxfordshire. <ref name="snap_subsid"/><ref name="Tracxn2025"/> Snap indicated that WaveOptics would continue to operate and supply its technology to other external customers while also working closely with Snap's hardware division on custom AR optics. <ref name="snap_subsid"/><ref name="acq_external_customers"/><ref name="Reuters2021"/> The acquisition provided Snap with crucial in-house expertise and manufacturing capabilities for core AR display components as it competes with other major tech companies like [[Apple]], [[Meta Platforms]], and [[Google]] in the race to develop consumer AR glasses. <ref name="acq_strategy"/>

*'''[[Sumanta Talukdar]]''': Co-Founder <ref name="founders1"/><ref name="founders2"/> (Served as initial CEO <ref name="personnel_sumanta_ceo"/>)

*'''[[David Grey]]''': Co-Founder and Chief Scientist <ref name="founders1"/><ref name="founders2"/><ref name="personnel_grey_cs"/>

*'''Richard Smith''': [[Chief operating officer|COO]] (appointment announced late 2020/early 2021) <ref name="coo_richard"/>