Even Realities, a Shenzhen-based startup, has secured $150 million in a pre-Series B funding round led by Meituan and existing investor Tencent. This capital injection pushes the three-year-old company to a $1 billion valuation, signaling a major shift in the competitive landscape for wearable AI as it pivots away from the camera-centric models favored by industry giants like Meta and Snap.
A Different Vision for Smart Glasses
Even Realities is betting that users want display-first glasses that project information directly into their line of sight, rather than devices focused on content capture. Founder and CEO Will Wang, a former Apple engineer who worked on the iPhone and Apple Watch, emphasizes that prioritizing optics and privacy is the key to mass adoption.
Founded in 2023 by a team featuring veterans from tech and luxury eyewear brands like Lindberg, the company has scaled rapidly. Following the 2024 launch of the Even G1—marketed as the lightest waveguide smart glasses at the time—the startup grew from a team of 40 to nearly 400 employees, exceeding its initial sales goal of 10,000 units.
Prioritizing Privacy Over Cameras
The company’s latest flagship, the Even G2, intentionally omits a camera. Navigation is handled through a companion device, the Even R1, which allows users to control the heads-up display via taps and swipes. Wang argues that because smart glasses are the most personal computing devices one can wear, privacy must be baked into both hardware and software. Features like real-time translation transcribe audio to text without storing recordings, and the infrastructure is designed to comply with rigorous European privacy standards.
Optical Innovation as a Differentiator
Even Realities has focused its R&D efforts on “Even HAO” (Holistic Adaptive Optics). Unlike other consumer electronics that use standard smartphone displays, the company’s proprietary technology integrates the microchip, waveguide, and prescription support into a single, cohesive optical stack. This approach powers “Conversate,” an AI copilot that helps users navigate complex conversations by providing real-time jargon explanations and follow-up suggestions.
Market Reach and Demographics
Despite manufacturing in China, Even Realities does not currently sell there. Its primary markets are the U.S.—where over half of its user base resides—followed by Japan, South Korea, the Middle East, and Europe. The brand targets high-end professionals, with roughly one-third of its users identifying as company executives. With a retail price of $599 for the frames and additional costs for accessories like prescription lenses and the smart ring, the average order value sits at approximately $1,000.
About the Author
