Even Realities hits $1 billion valuation after $150 million pre-Series B led by Meituan and Tencent

According to CNBC, Chinese smart-glasses maker Even Realities Technology raised $150 million in a pre-Series B funding round with investors including Meituan and Tencent, valuing the company at $1 billion. The Shenzhen-based startup, founded in 2023 by CEO Will Wang, said Monday it will use the funds to develop its next-generation smart glasses platform, deepen AI integration, scale global operations and accelerate product innovation; Wang previously worked at Apple from 2016 to 2018 and was involved in the development and mass production of Apple Watch and iPhone.

CNBC reported that Even Realities launched the Even G2 smart glasses late last year alongside the Even R1 smart ring, and said its G2 glasses do not include a camera or recording hardware, instead offering messaging, navigation and live translation via a heads-up display embedded in the lenses. The company said more than half of its user base is in the U.S., and about 80% of its developers are also in the U.S. IDC data cited by CNBC showed global smart glasses shipments rose 167% year over year in the first quarter to 2.25 million units, with Meta Platforms holding nearly 70% market share; IDC expects global shipments of smart glasses to more than double to 50 million in 2030.