IRYSTEC Acquisition, Valuation, Funding & Investors

IRYSTEC was acquired by FORVIA for $533M in April 2020.

IRYSTEC acquisition price

$533M

Acquired by FORVIA · Apr 2020

Cumulative funding IRYSTEC raised

$7M

across 3 funding rounds

Key investors in IRYSTEC

  • BDC Capital
  • TandemLaunch
  • BDC Capital Corporation
  • Whitecap Venture Partners
  • Jean-François Grenon
  • Purple Angel
  • Skunkworks Investment Corporation

IRYSTEC Overview

About IRYSTEC

IRYSTEC is a Montreal-based startup specializing in perceptual computational display technology incubated at TandemLaunch. The company develops software that optimizes screens for individual visual preferences using computer vision and human visual system models. Targeting ambient intelligent displays, its products enhance image quality for consumer electronics, automotive HUDs, and XR devices through physics-based rendering.


Founded

2015

HQ

CanadaMontreal

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$533M (acquired Apr 2020)

IRYSTEC Acquisition

IRYSTEC was acquired by FORVIA for $533M on 1 April 2020.

Before the acquisition IRYSTEC had raised $7M across 3 funding rounds.

Faurecia acquired IRYStec Software, a Canadian startup based in Montreal, in April 2020 for an enterprise value of €493.6 million. IRYStec had developed proprietary software using perception and physiology to optimize user experience of automotive display systems while delivering significant energy efficiency gains of up to 30% and improved brightness and contrast. The technology was already in serial production on several Daimler vehicles at the time of acquisition. As a private startup, IRYStec's historical revenue and EBITDA figures were not disclosed in public sources. The acquisition was part of Faurecia's (now FORVIA) strategy to strengthen its Clarion Electronics division and enhance its portfolio of advanced cockpit display technologies for the automotive market. The company was integrated into Faurecia Clarion Electronics and rebranded as Faurecia IRYStec Inc., with founder Tara Akhavan continuing in a leadership role.

IRYSTEC acquisition details
AcquirerDateTypePrice
1 Apr 2020Strategic M&A$533M

IRYSTEC Funding History

IRYSTEC has raised a total of $7M across 3 funding rounds.

IRYSTEC's first fundraising round was a $300K seed round in February 2015. The most recent completed round was a $5M Series A in June 2018.

IRYSTEC funding rounds

IRYSTEC funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2018Series AWhitecap Venture Partners (lead); Purple Angel; Jean-François Grenon; BDC Capital; Skunkworks Investment Corporation$5MIRYStec developed the Perceptual Display Platform (PDP), an embedded software technology that replicated how the human eye sees, positioning it in the auto tech sector. Whitecap Venture Partners led a Series A2 financing round for IRYStec Software around 2018 as part of Fund IV investments in high-growth early-stage companies. Other investors included BDC Capital, Jean-François Grenon, Purple Angel, and Skunkworks Investment Corporation. IRYStec was later acquired by Faurecia in 2020.
Sep 2016Series ABDC Capital Corporation (lead); TandemLaunch; BDC Capital$1M-
Feb 2015SeedTandemLaunch (lead)$300K-

Who has invested in IRYSTEC?

7 investors have backed IRYSTEC across its funding rounds, including BDC Capital, TandemLaunch, BDC Capital Corporation, Whitecap Venture Partners, Jean-François Grenon and Purple Angel.

Lead investors include Whitecap Venture Partners, BDC Capital Corporation and TandemLaunch.


IRYSTEC Investors

Investors in IRYSTEC by funding rounds participated
InvestorHQRoundsRoleFirst check
TandemLaunchCanadaMontreal2LeadFeb 2015
BDC CapitalCanadaMontreal2ParticipantSep 2016
Purple AngelCanadaCanada1ParticipantJun 2018
Jean-François GrenonFranceParis1ParticipantJun 2018
Whitecap Venture PartnersCanadaToronto1LeadJun 2018

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IRYSTEC Competitors

IRYSTEC competitors include listed companies like HTC and Vuzix, and private ones like Perfumeo, Petmate, Envisics and Pimax VR.

Public and private companies comparable to IRYSTEC
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PerfumeoUnited StatesSan Jose, CAPrivate--$450M-
PetmateUnited StatesSan Francisco, CAPrivate--$420M-
EnvisicsUnited KingdomMilton KeynesPrivate--$500M-
Pimax VRChinaShanghaiPrivate--$380M-
HTCTaiwanTaiwanPublicly listed$91M$22M$1B6.9x
VuzixUnited StatesUnited StatesPublicly listed$6M($29M)$232M33.9x

IRYSTEC Public Comps

IRYSTEC is no longer listed, but its public comps include Unisound Ai Technology, Yidu Tech, Winner Technology, Catapult, Cover, Shenzhen Sunwin, DSC Holdings, Cerence, Beijing Deep Glint Tech and ZipRecruiter.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Unisound Ai Technology$181M($22M)3.0x2.1x(24.5x)(36.1x)
Yidu Tech$122M($4M)1.4x1.2x(45.0x)7.7x
Winner Technology$46M($7M)9.0x-(60.9x)-
Catapult$141M$15M4.3x4.0x40.8x20.6x
Cover$317M$34M1.9x1.9x17.6x9.8x
Shenzhen Sunwin$20M($147M)37.7x-(5.0x)-
DSC Holdings$101M($10M)3.3x-(34.3x)-
Cerence$252M$8M1.7x1.4x52.9x6.2x

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Common questions about IRYSTEC

When was IRYSTEC founded?IRYSTEC was founded in 2015.
Where is IRYSTEC headquartered?IRYSTEC is headquartered in Montreal, Canada.
Is IRYSTEC publicly listed?No, IRYSTEC was acquired by FORVIA in April 2020.
Who acquired IRYSTEC?IRYSTEC was acquired by FORVIA in April 2020.
How much was IRYSTEC acquired for?IRYSTEC was acquired for $533M in April 2020.
How much funding has IRYSTEC raised?IRYSTEC has raised $7M across 3 funding rounds.
What was IRYSTEC's last funding round?IRYSTEC's last funding round was a $5M Series A in June 2018, led by Whitecap Venture Partners.
Who are IRYSTEC's investors?IRYSTEC's investors include TandemLaunch, BDC Capital, Purple Angel, Jean-François Grenon, Whitecap Venture Partners, BDC Capital Corporation and Skunkworks Investment Corporation.
Which companies are comparable to IRYSTEC?Companies comparable to IRYSTEC include Perfumeo, Petmate, Envisics, Pimax VR, HTC and Vuzix.

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