Even Realities raises $150 million at $1 billion valuation, CEO touts Shenzhen edge for hardware startups

According to CNBC, Shenzhen-based smart-glasses startup Even Realities said Monday it raised $150 million at a $1 billion valuation, with investors including Meituan and Tencent, as CEO Will Wang argued the city offers a stronger base than Silicon Valley for building consumer electronics companies. Wang, a former Apple employee who worked on Apple Watch and iPhone development and mass production from 2016 to 2018, said Silicon Valley has become less supportive of hardware founders compared with AI applications, while Shenzhen’s engineering talent and supply chain ecosystem remain a draw; he added that more than half of Even Realities’ users are based in America and that the company’s next funding round will target more global investors to support overseas expansion. Founded in 2023, Even Realities launched the Even G2 smart glasses late last year alongside the Even R1 ring controller; the G2 has no camera or recording hardware and provides notifications, navigation and live translation via a heads-up display in the lenses.