Swave Photonics Secures €10M Seed Funding Round to Develop Holographic Augmented Reality

Investor Surge Fuels Accelerated Development of Swave's Groundbreaking Solutions for Spatial Computing

LEUVEN, Belgium and MENLO PARK, Calif., June 22, 2023 /PRNewswire/ -- Swave Photonics, the forerunner in the implementation of true holography for augmented reality, today announced the successful closure of its seed round expansion. This additional investment of €3M catapults Swave's total funds raised to €10M.

Reinvestment from present investors imec.xpand, a venture capital fund centered around nanotechnology innovation, Flanders Future Techfund (FFTF), a Belgian/Flemish public investment fund, and QBIC, a Belgian inter-university venture capital fund, underscores investor trust in Swave's technology. Joining these investors are new US-based investors Acequia Capital, a leading venture investment firm based in Seattle, WA, and Luminate NY, the world's only optics, photonics, and imaging accelerator, which is based in Rochester, NY. Their participation, even amidst a challenging fundraising landscape, amplifies the significance and potential of Swave's groundbreaking holographic and photonics solutions. This seed round positions Swave well to execute on its augmented reality roadmap and engage future customers, partners and investors interested in driving true holography for spatial computing.

Luminate NY's investment stems from Swave's recent selection as a finalist in Luminate NY's accelerator program and competition. This accolade complements Swave's first place win at the 2023 SPIE Photonics West Startup Challenge and recognition as a finalist in the 2023 AWE USA Startup to Watch competition.

"We are deeply gratified by the bolstered commitment of our current investors and are excited to welcome Acequia Capital and Luminate NY to the Swave family," said Mike Noonen, CEO of Swave Photonics. "This collective vote of confidence in our groundbreaking technology and dedicated team underlines our commitment to revolutionize augmented reality through true holography."

"We are exceptionally proud of the progress the team at Swave Photonics has made to date," said Pieter Vorenkamp, Chairman of Swave Photonics and a distinguished leader in emerging technology operations. "The innovative holographic technology developed by Swave is the result of their technical leadership and shared dedication to driving forward the boundaries of what's possible. I am confident this technical prowess will soon translate into operational excellence as we transition the technology into products, enabling mass-volume augmented reality applications. The future of holography lies in the hands of this outstanding team, and we're excited to be a part of this journey."

About Swave's Holographic eXtended Reality Technology

Swave's Holographic eXtended Reality (HXR) technology is the pinnacle of display technology, providing high-resolution 3D images that blur the lines between reality and illusion. Swave's HXR technology presents holographic images that remove today's challenges associated with focal depth and eye tracking. With its unique ability to be manufactured using standard CMOS technology, HXR ensures scalable, cost-effective production.

Swave's HXR technology is capable of powering holographic glasses and headsets, offering immersive spatial AR experiences with remarkable resolution, perfect depth of focus, and 180-degree to 360-degree viewing angles, devoid of the conventional discomforts associated with traditional headsets. Applications powered by HXR gigapixel technology will be capable of passing the visual Turing test, making virtual reality nearly indistinguishable from real-world images.

As Swave continues its growth, we're expanding our management and engineering teams, and we're hiring in key areas. Visit swave.io to explore exciting career opportunities.

About Swave Photonics

Swave Photonics is an industry-shaping fabless semiconductor company that conceives, designs, and markets holographic solutions deploying proprietary diffractive photonics and software. With roots in imec, the world's leading nano-electronic research and innovation hub, Swave's technology is a decade in the making. Swave's mission is to breathe life into augmented aeality, enabling manufacturers of mobile phones and displays, along with content creators, to revolutionize the visualization and communication markets with immersive, ultra-high-resolution, lifelike, true holographic displays. Swave is committed to a future where holographic displays empower everyone to visualize the impossible, collaborate more effectively, and achieve greater feats. Visit us at swave.io

SOURCE Swave Photonics