Augmented reality firm WaveOptics has closed a £12m Series B from existing backers Octopus Ventures, Touchstone Innovations and Robert Bosh Venture Capital.

Shanghai-based Gobi Ventures also joined the round, which comes after an undisclosed Series A in October 2015.

Speaking about the funding, Martin Harriman, chairman at WaveOptics, said: ‘WaveOptics is reinventing the AR  market, by developing a series of new AR display tech that enables a wider field of view and brighter full colour images – a unique combination in today’s market.

“This funding round further accelerates development of our industry-leading technologies and enables us to launch programmes in new markets and territories. We are excited about the team of investors we have on board who share our vision.”

WaveOptics, headquartered in Oxfordshire, is developing what it says is a novel optical waveguide technology and modules for AR displays.

The firm is focused on creating the underlying optics necessary to deliver an ‘enhanced’ AR experience while seeking to solve some of the performance and cost challenges currently getting in the way of the technology’s mainstream adoption.

WaveOptics is focused on developing the underlying optics to deliver an enhanced AR experience, whilst solving some of the performance and cost challenges currently limiting AR technology adoption.

Robert Bahns, director of technology investment at Touchstone Innovations, said the firm had made significant technical and commercial progress since its previous fundraise in late 2015.

“This new funding will allow the company to complete its product development and position itself as a leader and key technology enabler of highly compelling AR experiences.”

Simon King, principle at Octopus Ventures, added: “There are a number of technical hurdles that need to be overcome before AR is widely adopted and getting the display right comes high at the top of that list. We are very excited to continue to back the talented team at WaveOptics as we believe they have the skills and technology to deliver an experience that will unlock the next revolution in personal computing.”

The news comes after another UK founded AR company Blippar, which made headlines after various outlets questioned the viability of its business model and its founder’s credibilityraised $54m in Series B funding last year.

To check out the latest UK tech investments, visit the Tech City News Investment Tracker.

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