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- IRYSTEC
IRYSTEC Acquisition, Valuation, Funding & Investors
IRYSTEC was acquired by FORVIA for $533M in April 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
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
Website
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 1 Apr 2020 | Strategic 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2018 | Series A | Whitecap Venture Partners (lead); Purple Angel; Jean-François Grenon; BDC Capital; Skunkworks Investment Corporation | $5M | IRYStec 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 2016 | Series A | BDC Capital Corporation (lead); TandemLaunch; BDC Capital | $1M | - |
| Feb 2015 | Seed | TandemLaunch (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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Feb 2015 | ||
| 2 | Participant | Sep 2016 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Lead | Jun 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialIRYSTEC Competitors
IRYSTEC competitors include listed companies like HTC and Vuzix, and private ones like Perfumeo, Petmate, Envisics and Pimax VR.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $450M | - | ||
| Private | - | - | $420M | - | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $380M | - | ||
| Publicly listed | $91M | $22M | $1B | 6.9x | ||
| Publicly listed | $6M | ($29M) | $232M | 33.9x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $181M | ($22M) | 3.0x | 2.1x | (24.5x) | (36.1x) | |||
| $122M | ($4M) | 1.4x | 1.2x | (45.0x) | 7.7x | |||
| $46M | ($7M) | 9.0x | - | (60.9x) | - | |||
| $141M | $15M | 4.3x | 4.0x | 40.8x | 20.6x | |||
| $317M | $34M | 1.9x | 1.9x | 17.6x | 9.8x | |||
| $20M | ($147M) | 37.7x | - | (5.0x) | - | |||
| $101M | ($10M) | 3.3x | - | (34.3x) | - | |||
| $252M | $8M | 1.7x | 1.4x | 52.9x | 6.2x | |||
This data is available for Pro users. Sign up to see all IRYSTEC competitors and their valuation data. Start Free Trial | ||||||||
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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