RDIF invests in WayRay
Private Equity Wire, 19.09.2018
The Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, and a consortium of sovereign wealth funds (among them the Russia-Japan Investment Fund, launched by RDIF and the Japan Bank for International Cooperation (JBIC)) lead by RDIF, have invested in WayRay, a specialist in holographic AR displays for cars.
Hyundai Motor, Alibaba Group, China Merchants Capital and JVCKENWOOD have also invested in the project, with Porsche acting as the lead investor. The funds raised, which total USD80 million, will bolster the company’s focus on R&D, industrialisation and team expansion to become a supplier of holographic AR solutions for car manufacturers.
Since its inception in 2012, WayRay has raised more than USD100 million. By the end of 2019, the company aims to get a USD1 billion valuation. The investments will help to diversify WayRay’s portfolio of applications in different sectors - from AR in transportation to AR smart glass in the smart home business and construction industry.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), says: "RDIF’s investments in the creation of high-quality infrastructure and digitalisation of the transport system are aimed at the improvement of road safety in Russia and are seen to support the development of advanced technologies in the country that fully comply with the goals of the national project "Safe and high-quality auto-roads". The use of holographic navigation systems will not only reduce accident rates, but also make roads in Russia’s regions safer and more convenient, providing additional stimulus for regional development. At the same time, we support Russian technologies and innovations that will also help WayRay to achieve a leading position in the global market."
Vitaly Ponomarev, CEO of WayRay, says: "As a deep-tech company, we are committed to creating fundamental innovations that bring us far beyond holographic AR displays and new interfaces. A growing number of projects with carmakers and strong investors are fuelling the company’s growth and boosting our confidence in implementing complex innovations. We are proud to be recognised as a reliable partner able to meet the high standards set by investors like Porsche and Hyundai."