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WaveOptics

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WaveOptics Limited is a British AR technology company specializing in the design and development of diffractive waveguides and optical engines for Augmented Reality (AR) smartglasses and headsets. 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. [4] 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 Snap Spectacles. [14] WaveOptics operates as a wholly‑owned subsidiary of Snap while continuing to serve other original-equipment manufacturers (OEMs) with its patented waveguide technology.[1]

WaveOptics
Information
Type Subsidiary [1]
Industry Augmented Reality, Optics, Waveguides, Display technology [2][3]
Founded Template:Start date [4][5] (Development work began earlier, possibly 2012/2013 [6])
Founder Sumanta Talukdar, David Grey, Salim Valera [7][8][9]
Headquarters Milton Park, Abingdon, Oxfordshire, UK
Notable Personnel David Hayes (CEO, 2017–2021)[10]
Sumanta Talukdar (Co-Founder) [7][8]
David Grey (Co-Founder, Chief Scientist) [7][8]
Salim Valera (Co-Founder) [7][9]
Phil Greenhalgh (CTO) [11]
Products Diffractive waveguides (Katana, Vulcan, Odin), Optical engines (Merlin, Titan) for AR smartglasses and headsets [12][13]
Projectors (for example Saturn 2, Loki) [13]
Parent Snap Inc. (Since May 2021) [14]
Website Template:URL
See also: Companies

History

Founding and Early Development (2014–2017)

WaveOptics was founded in 2014 by Sumanta Talukdar, David Grey, and Salim Valera, who shared a background developing head-up displays (HUD) and head-mounted displays (HMD) in the defence industry at BAE Systems. [4][7][8][15] They conceived a novel waveguide approach and filed their first patent for Exit pupil expansion (EPE) technology the same year. [7][16] Some sources suggest initial development work started as early as 2012 or 2013. [6]

The company secured its first funding round in December 2015. In 2016, WaveOptics was a finalist at the Pitch@Palace event attended by HM Queen Elizabeth II. [17]

Series Funding and Growth (2017–2020)

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. [18] Later that year, David Hayes, formerly of DAQRI and 1066 Labs, was appointed as the new CEO to scale the business for mass manufacture. [18][10]

The company continued to raise capital, closing a Series C round totalling $39 million (£30 million) by September 2019. [19] This round included existing investors and new backers like Goertek, a key manufacturing partner, and Optimas Capital Partners. [19][20] The funding was aimed at scaling up operations globally, particularly in Asia and the US, and establishing high-volume manufacturing capabilities to meet growing demand from OEMs and ODMs. [21] WaveOptics opened offices in Los Angeles and Taipei and planned a new office in Beijing.

Throughout its development, WaveOptics focused on providing components rather than complete AR devices, positioning itself as a key technology supplier to major tech companies aiming to enter the consumer AR market. [22][23] The company won the SPIE Prism Awards for Photonics Innovation in 2020 and 2021. [24]

Technology

WaveOptics specializes in diffractive waveguides, a key optical component for transferring a projected image into the user's eye in an AR display system. [2] Their technology employs volume holographic gratings fabricated via nanoimprint lithography and aims to produce AR displays with a large eye-box (viewing window), wide field of view (FOV), high optical efficiency, low chromatic dispersion, and full-colour, crisp images suitable for mass manufacture in slim eyewear form factors. [25]

Key aspects of their technology included:

  • Diffractive Waveguides: Utilized nanostructures patterned onto the surface of a glass or polymer waveguide to diffract light. [26][27]
  • 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 and headset positioning. [7][28] WaveOptics often highlighted its use of a two-dimensional EPE approach.
  • 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. [29]
  • 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. [30]
  • Projector Integration: Designed optical engines comprising both the waveguide and a light projector, supporting various microdisplay projector types like DMD, LCoS, and MicroLED. [31]

Products

WaveOptics developed and offered optical engines (combining a waveguide with a compatible projector) and standalone waveguide components. [12] Their key waveguide platforms include:

WaveOptics Waveguide Product Specifications [32]
Model Plates FoV (diagonal) Thickness Weight Launch year Primary Use Case
Katana [33] 1 28°–30° 1.15 mm 7 g 2020 Consumer notifications & navigation [34]
Vulcan [32] 2 40° 3.1 mm 12 g ~2019 Enterprise information overlay
Odin [35] 3 55°–60° 2.65 mm 17 g ~2019 Immersive mixed reality experiences

WaveOptics complemented its waveguides with projectors like the Saturn 2 [36] and offered reference optical engine modules such as Merlin and Titan. [13] 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".

WaveOptics also partnered with companies like Luxexcel to integrate their waveguides into 3D-printed prescription lenses, aiming to address the vision correction needs of potential AR users. [37] They collaborated with MicroLED developers like JBD and Plessey Semiconductors (prior to its acquisition by Facebook/Meta) on next-generation display modules.

Manufacturing Partnerships

  • Goertek: In November 2018, WaveOptics signed an exclusive high‑volume manufacturing agreement with the Chinese ODM, establishing a dedicated production line. Goertek also became an investor in WaveOptics' Series C round. [20]
  • Corning Inc.: Long-term supply deal agreed in December 2018 for ultra-flat, high-index glass wafers.
  • EV Group (EVG): Collaboration announced in 2019 focused on scalable manufacturing solutions for AR optics production using EVG's nanoimprint lithography equipment.

Funding

Prior to its acquisition, WaveOptics had raised approximately $55-60 million across multiple funding rounds. Key rounds included:

  • Series B (July 2017): $16 million (£12 million) from investors including Octopus Ventures, IP Group, Hostplus Touchstone, RBVC, and Gobi Partners. [18]
  • 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. [19]

Acquisition by Snap Inc.

On May 21, 2021, Snap Inc., the parent company of Snapchat, announced its acquisition of WaveOptics for over $500 million. The deal involved a combination of stock and potentially cash payments over two years. [38] At the time, it was reported as Snap's largest acquisition and a significant deal in the UK deep tech sector and the AR hardware space. [1][39]

WaveOptics' technology was already being used in Snap's 4th generation Spectacles AR glasses, which were released to developers around the same time. [40] 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.

Following the acquisition, WaveOptics became a wholly owned, independent subsidiary of Snap, remaining headquartered in Oxfordshire. [1] 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. [1][41] 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.

Notable Personnel

See Also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "Proudly part of Snap Inc. …"
  2. ↑ 2.0 2.1 "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "We research, design and develop optical engines…"
  3. ↑ "WaveOptics snapped up in $500M deal". Optics.org. 2021‑05‑25. https://optics.org/news/12/5/31.
  4. ↑ 4.0 4.1 4.2 "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "2014. Our Story: WaveOptics was Established."
  5. ↑ "WaveOptics snapped up in $500M deal". Optics.org. 2021‑05‑25. https://optics.org/news/12/5/31. "Founded by Sumanta Talukdar and David Grey in 2014…"
  6. ↑ 6.0 6.1 "Making waves: the biggest UK deep‑tech acquisition in years brings AR closer into view". Octopus Ventures. 2021‑05‑21. https://octopusventures.com/blog/making-waves-the-biggest-uk-deep-tech-acquisition-in-years-brings-ar-closer-into-view/. "…waveguide technology since 2012…"
  7. ↑ 7.00 7.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "Co‑founders Salim Valera, David Grey and Sumanta Talukdar…"
  8. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 "Making waves…". Octopus Ventures. 2021‑05‑21. https://octopusventures.com/blog/making-waves-the-biggest-uk-deep-tech-acquisition-in-years-brings-ar-closer-into-view/.
  9. ↑ 9.0 9.1 9.2 9.3 "Team – WaveOptics". WaveOptics. https://waveoptics.ar/team/. "Co‑founded by David Grey, Salim Valera and Sumanta Talukdar."
  10. ↑ 10.0 10.1 10.2 "Making waves…". Octopus Ventures. 2021‑05‑21. https://octopusventures.com/blog/making-waves-the-biggest-uk-deep-tech-acquisition-in-years-brings-ar-closer-into-view/. "WaveOptics’s CEO David Hayes, who arrived in 2017…"
  11. ↑ 11.0 11.1 "WaveOptics and Luxexcel Create Prescription AR Glasses". XR Today. 2021‑03‑11. https://www.xrtoday.com/augmented-reality/waveoptics-and-luxexcel-create-prescription-ar-glasses/.
  12. ↑ 12.0 12.1 "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "We research, design and develop optical engines…"
  13. ↑ 13.0 13.1 13.2 "Waveguide models". WaveOptics. https://waveoptics.ar/waveguides/.
  14. ↑ 14.0 14.1 "How WaveOptics became one of the biggest ever exits for a venture‑backed “deeptech” start‑up in Europe". IP Group plc. 2021‑06‑10. https://www.ipgroupplc.com/our-portfolio/case-studies/waveoptics-one-of-the-biggest-ever-exits-for-a-venture-backed-deeptech-start-up-in-europe.
  15. ↑ "Making waves…". Octopus Ventures. 2021‑05‑21. https://octopusventures.com/blog/making-waves-the-biggest-uk-deep-tech-acquisition-in-years-brings-ar-closer-into-view/.
  16. ↑ "Team – WaveOptics". WaveOptics. https://waveoptics.ar/team/. "First WaveOptics patent application filed…"
  17. ↑ "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "2016. Finalist at award attended by HM Queen Elizabeth II…"
  18. ↑ 18.0 18.1 18.2 18.3 "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "In July Series B funding of $16 m was secured…"
  19. ↑ 19.0 19.1 19.2 "WaveOptics eyes production ramp with $13M top‑up". Optics.org. 2019‑09‑11. https://optics.org/news/10/9/16.
  20. ↑ 20.0 20.1 "WaveOptics eyes production ramp with $13M top‑up". Optics.org. 2019‑09‑11. https://optics.org/news/10/9/16.
  21. ↑ "WaveOptics eyes production ramp with $13M top‑up". Optics.org. 2019‑09‑11. https://optics.org/news/10/9/16.
  22. ↑ "Making waves…". Octopus Ventures. 2021‑05‑21. https://octopusventures.com/blog/making-waves-the-biggest-uk-deep-tech-acquisition-in-years-brings-ar-closer-into-view/.
  23. ↑ "How WaveOptics became one of the biggest ever exits…". IP Group plc. 2021‑06‑10. https://www.ipgroupplc.com/our-portfolio/case-studies/waveoptics-one-of-the-biggest-ever-exits-for-a-venture-backed-deeptech-start-up-in-europe.
  24. ↑ "WaveOptics snapped up in $500M deal". Optics.org. 2021‑05‑25. https://optics.org/news/12/5/31. "WaveOptics, which won a second consecutive Photonics Prism Award…"
  25. ↑ "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "We deliver superior optical performance for affordable mass manufacture."
  26. ↑ "WaveOptics snapped up in $500M deal". Optics.org. 2021‑05‑25. https://optics.org/news/12/5/31.
  27. ↑ "How WaveOptics became one of the biggest ever exits…". IP Group plc. 2021‑06‑10. https://www.ipgroupplc.com/our-portfolio/case-studies/waveoptics-one-of-the-biggest-ever-exits-for-a-venture-backed-deeptech-start-up-in-europe.
  28. ↑ "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "They conceived of a novel waveguide approach…"
  29. ↑ "WaveOptics snapped up in $500M deal". Optics.org. 2021‑05‑25. https://optics.org/news/12/5/31.
  30. ↑ "WaveOptics snapped up in $500M deal". Optics.org. 2021‑05‑25. https://optics.org/news/12/5/31.
  31. ↑ "About – WaveOptics". WaveOptics. https://waveoptics.ar/about/. "The waveguides are paired with projectors…"
  32. ↑ 32.0 32.1 "Waveguide models". WaveOptics. https://waveoptics.ar/waveguides/.
  33. ↑ "Katana – WaveOptics". WaveOptics. https://waveoptics.ar/waveguides/katana/. "Katana is a one‑plate waveguide platform…"
  34. ↑ "Katana – WaveOptics". WaveOptics. https://waveoptics.ar/katana/. "Who is Katana ideal for? Light weight…"
  35. ↑ "Odin waveguide". WaveOptics. https://waveoptics.ar/waveguides/odin/.
  36. ↑ "Saturn 2 projector specifications". WaveOptics. https://waveoptics.ar/projectors/saturn2/.
  37. ↑ "WaveOptics and Luxexcel Create Prescription AR Glasses". XR Today. 2021‑03‑11. https://www.xrtoday.com/augmented-reality/waveoptics-and-luxexcel-create-prescription-ar-glasses/.
  38. ↑ "Snap Acquires AR Display Startup WaveOptics for Over $500M". Road to VR. 2021‑05‑21. https://www.roadtovr.com/snap-acquires-ar-waveoptics-500m/.
  39. ↑ "Making waves…". Octopus Ventures. 2021‑05‑21. https://octopusventures.com/blog/making-waves-the-biggest-uk-deep-tech-acquisition-in-years-brings-ar-closer-into-view/.
  40. ↑ "How WaveOptics became one of the biggest ever exits…". IP Group plc. 2021‑06‑10. https://www.ipgroupplc.com/our-portfolio/case-studies/waveoptics-one-of-the-biggest-ever-exits-for-a-venture-backed-deeptech-start-up-in-europe.
  41. ↑ "Snap Acquires AR Display Startup WaveOptics for Over $500M". Road to VR. 2021‑05‑21. https://www.roadtovr.com/snap-acquires-ar-waveoptics-500m/.
  42. ↑ "Team – WaveOptics". WaveOptics. https://waveoptics.ar/team/. "Prior to joining WaveOptics David was EVP at DAQRI Labs…"
  43. ↑ "Team – WaveOptics". WaveOptics. https://waveoptics.ar/team/. "Prior to CTO at WaveOptics, Phil was SVP Engineering at DAQRI…"
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