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- WaveOptics
WaveOptics Acquisition, Valuation, Funding & Investors
WaveOptics was acquired by Snap for $520M in May 2021, a 62.7x multiple on $8M of revenue.
WaveOptics revenue at acquisition
$8M
Last twelve months · May 2021
WaveOptics revenue multiple at acquisition
62.7x
EV/Revenue · May 2021
Cumulative funding WaveOptics raised
$55M
across 4 funding rounds
About WaveOptics
WaveOptics is a designer and manufacturer of diffractive waveguides for augmented reality wearables. Founded in 2014 and headquartered in Abingdon, Oxfordshire, the company produces lightweight optical components for smart glasses. Its polyimide-based waveguides enable full-color AR displays with wide fields of view. WaveOptics supplies modules to device makers like Vuzix and Magic Leap, supporting applications in enterprise training and consumer entertainment.
Founded
2014
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$8M (May 2021)
Valuation
$96M (Dec 2018)
WaveOptics Acquisition
WaveOptics was acquired by Snap for $520M on 21 May 2021.
The acquisition price implies a 62.7x revenue multiple on $8M of revenue.
Before the acquisition WaveOptics had raised $55M across 4 funding rounds.
Snap Inc. acquired WaveOptics Ltd., a U.K.-based manufacturer of optical components and displays for augmented reality glasses, for approximately $520 million. WaveOptics specialized in waveguide technology and projector components that powered Snap's Spectacles AR hardware, using either microscopic mirror arrays or liquid crystal on silicon technology to generate light for AR displays. The acquisition was structured as a cash and stock deal, with approximately half ($252 million in 4.7 million Class A shares and $13.7 million cash) paid at close and the remainder ($238.4 million) payable within two years in cash, stock, or a combination. Additional consideration of $31.4 million was allocated for future employment services. Snap's acquisition of WaveOptics represented the company's largest acquisition to date and reflected its strategic commitment to vertical integration in AR hardware, allowing closer alignment of WaveOptics' technology roadmap with Snap's device plans while removing the possibility of competitors acquiring the company's foundational waveguide and projector technology.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 21 May 2021 | Strategic M&A | $520M | 62.7x |
WaveOptics Valuation
WaveOptics is currently valued at $96M, based on its Series C in December 2018.
The $26M round was led by Octopus Ventures, with participation from IP Group, Bosch Ventures, Gobi Partners, Goertek and Optimas Capital Partners Fund.
WaveOptics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2018 | Series C | $96M |
WaveOptics Funding History
WaveOptics has raised a total of $55M across 4 funding rounds.
WaveOptics' first fundraising round was a $800K angel round in February 2015. The most recent completed round was a $13M Series C in September 2019.
WaveOptics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2019 | Series C | Goertek (lead); Hostplus (lead); Octopus Ventures; IP Group; Bosch Ventures; Gobi Partners | $13M | - | WaveOptics, a London-based designer and manufacturer of diffractive waveguides for augmented reality (AR) wearables, closed its Series C funding with an additional $13 million on September 10, 2019, from investors including GoerTek and Hostplus, bringing the total round to $39 million. The funding supported scaling operations in the UK, US, and Asia, high-volume manufacturing, and expansion with offices in Los Angeles, Taipei, and planned in Beijing. The company partnered with global OEMs and ODMs, offering waveguide products with 40-degree and 28-degree fields of view, plus a 40-degree light engine, with a 55-degree full-color version in development. GoerTek, a key VR manufacturer, continued investment following an exclusive manufacturing partnership to enable cheaper mass-produced AR headsets. WaveOptics had previously raised $26 million in the first stage of Series C in December 2018, marking Europe's largest AR hardware fundraise that year. Total funding across rounds reached approximately $54 million by 2019. The company was later acquired by Snap Inc. in May 2021 in a deal reported around $500 million, providing returns to Series C investors including IP Group and Octopus Ventures. |
| Dec 2018 | Series C | Octopus Ventures (lead); IP Group; Bosch Ventures; Gobi Partners; Goertek; Optimas Capital Partners Fund | $26M | $96M | WaveOptics is a UK-based designer and manufacturer of diffractive waveguides, the key optical component for augmented reality (AR) wearables such as smart glasses, enabling full-color near-eye displays that overlay high-resolution images on a user's field of vision. Founded in 2014 and headquartered in Abingdon, the company had offices in Los Angeles and Taipei by late 2018, with plans to open one in Beijing in 2019. On December 11, 2018, WaveOptics raised $26 million (£20m/€23m) in the first stage of its Series C funding round, led by Octopus Ventures, with participation from existing investors IP Group, Robert Bosch Venture Capital (Bosch Ventures), and Gobi Partners, plus new investors Goertek and Optimas Capital Partners. This round valued the company at $96 million post-money and marked the largest AR hardware fundraise in Europe that year. The funds were earmarked to scale business operations nationally and internationally, build a large-volume manufacturing supply chain to meet demand from US and Asia markets, and support a growing roster of global OEMs and ODMs developing AR products. CEO David Hayes highlighted progress on high-performing, manufacturable waveguides with 28- and 40-degree fields of view, plus a 40-degree light engine, positioning WaveOptics to enable consumer AR smartglasses priced around $600 by end-2019. Strategic investor Goertek, a leading VR/AR manufacturer, provided key endorsement and market expansion potential. This initial $26m tranche was later supplemented in 2019 with an additional $13m from Goertek and new investor Hostplus, bringing the full Series C to $39m. WaveOptics continued advancing partnerships and products, including development of a full-color 55-degree field-of-view waveguide, amid rising demand for scalable AR optics. |
| Jul 2017 | Series B | Touchstone Innovations (lead); Bosch Ventures; Gobi Partners; octopus investments | $16M | - | WaveOptics raised approximately $16 million (£12 million) in a Series B funding round on July 17, 2017, led by Touchstone Innovations with participation from Octopus Ventures, Robert Bosch Venture Capital, and new investor Gobi Partners. The UK-based company develops waveguide-based optics technology for augmented reality devices, enabling wider field of view and brighter full-color images in AR headsets and glasses. The funding supports product development, scaling production, and expansion into new markets ahead of commercial shipments expected in 2018. WaveOptics' diffractive waveguides provide lightweight, high-resolution AR displays that overlay digital imagery on the user's field of vision, positioning it as a key enabler for consumer and enterprise AR hardware. The company had previously raised funding in 2015 led by Touchstone Innovations and backed by Bosch Ventures, Octopus Ventures, and Blippar. Strategic partnerships with large tech firms were noted, though specifics were not disclosed. |
| Feb 2015 | Angel | Mark Zaleski (lead) | $800K | - | - |
Who has invested in WaveOptics?
10 investors have backed WaveOptics across its funding rounds, including Gobi Partners, Bosch Ventures, Octopus Ventures, IP Group, Goertek and Hostplus.
Lead investors include Goertek, Hostplus, Octopus Ventures, Touchstone Innovations and Mark Zaleski.
WaveOptics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jul 2017 | ||
| 3 | Participant | Jul 2017 | ||
| 2 | Lead | Dec 2018 | ||
| 2 | Participant | Dec 2018 | ||
| 2 | Lead | Dec 2018 | ||
| 1 | Lead | Jul 2017 | ||
| 1 | Lead | Sep 2019 | ||
| 1 | Participant | Dec 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialWaveOptics Competitors
WaveOptics competitors include listed companies like HTC and Vuzix, and private ones like Envisics, Pimax VR, Meta View and XPANCEO.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $500M | - | ||
| Private | - | - | $380M | - | ||
| Private | - | - | $307M | - | ||
| Publicly listed | $91M | $22M | $1B | 6.9x | ||
| Publicly listed | $6M | ($29M) | $232M | 33.9x | ||
| Private | - | - | $1.4B | - |
WaveOptics Public Comps
WaveOptics is no longer listed, but its public comps include Catapult, Cover, Surgical Science, Vuzix, Angel Robotics, GOLFZON Gold, Kopin, Yunding Technology, Mitac Digital Technology and Xplora.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $141M | $15M | 4.3x | 4.0x | 40.8x | 20.6x | |||
| $317M | $34M | 1.9x | 1.9x | 17.6x | 9.8x | |||
| $101M | $18M | 1.9x | 1.9x | 11.2x | 9.4x | |||
| $6M | ($29M) | 35.9x | 33.9x | (7.7x) | - | |||
| $3M | ($6M) | 61.7x | - | (33.3x) | - | |||
| $258M | $40M | 1.3x | - | 8.6x | - | |||
| $38M | $3M | 22.2x | 15.6x | 338.7x | (97.7x) | |||
| $228M | $22M | 3.6x | - | 37.9x | - | |||
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Common questions about WaveOptics
| When was WaveOptics founded? | WaveOptics was founded in 2014. |
| Where is WaveOptics headquartered? | WaveOptics is headquartered in Aberdeen, United Kingdom. |
| Is WaveOptics publicly listed? | No, WaveOptics was acquired by Snap in May 2021. |
| Who acquired WaveOptics? | WaveOptics was acquired by Snap in May 2021. |
| How much was WaveOptics acquired for? | WaveOptics was acquired for $520M in May 2021, a 62.7x revenue multiple. |
| What is WaveOptics' valuation? | WaveOptics was last valued at $96M in its Series C in December 2018. |
| How much funding has WaveOptics raised? | WaveOptics has raised $55M across 4 funding rounds. |
| What was WaveOptics' last funding round? | WaveOptics' last funding round was a $13M Series C in September 2019, led by Goertek and Hostplus. |
| Who are WaveOptics' investors? | WaveOptics' investors include Bosch Ventures, Gobi Partners, Octopus Ventures, IP Group, Goertek, Touchstone Innovations, Hostplus, Optimas Capital Partners Fund, Mark Zaleski and octopus investments. |
| Which companies are comparable to WaveOptics? | Companies comparable to WaveOptics include Envisics, Pimax VR, Meta View, HTC, Vuzix and XPANCEO. |
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