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Articles on this Page
- 12/05/18--02:35: _Alipay Supports Gro...
- 12/06/18--21:00: _Satoshi Is Coming B...
- 12/06/18--22:19: _Universal Protocol ...
- 12/06/18--22:31: _Citi Private Bank I...
- 12/06/18--22:52: _Cred and Universal ...
- 12/11/18--00:36: _Cred Opens Its Plat...
- 12/12/18--22:10: _WaveOptics Raises $...
- 12/06/18--22:19: Universal Protocol Alliance Welcomes BitGo
- 12/06/18--22:31: Citi Private Bank Issues Outlook 2019
- 12/11/18--00:36: Cred Opens Its Platform to Developers and Businesses
Business Wire India
As part of Alipay’s commitment to supporting digital innovation and talent cultivation in Southeast Asia, the Company today launched its Malaysia roadshow for the Alipay-NUS Enterprise Social Innovation Challenge (“ANSIC”). ANSIC is a joint initiative by Alipay, the world’s largest mobile and online payment platform operated by Ant Financial Services Group (“Ant Financial”), and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (“NUS”). The roadshow was held at WORQ Subang in Shah Alam, Selangor, where Alipay shared its experience of how technology can be used to solve real world problems with start-up entrepreneurs in Asia.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181205005289/en/
Alipay Senior Algorithm Engineer Xin Guo sharing the story of Dingsunbao with local start-ups in Malaysia. (Photo: Business Wire)
Alipay’s Senior Algorithm Engineer Xin Guo, explained to a crowd of Malaysian start-up entrepreneurs how he and his team developed the idea of using AI to make car damage claims more efficient for insurance companies, reduce costs and most importantly, increase convenience for car owners.
On a rainy evening in September 2016, Xin Guo recalled being involved in a car accident that caused some minor damages to the vehicle. He then waited for 30 minutes for his insurance company to dispatch a claims adjuster, who had been delayed from handling other similar accidents. Despite the wait, it had ultimately, only taken a few minutes to file the claim. While the average waiting time for human claim adjusters to arrive at minor car accidents in China is 30 minutes, in congested cities such as Beijing and Shanghai, car owners may have to wait for hours.
This unpleasant experience made Guo wonder: If AI could be used to automate this common process, wouldn’t that be a win-win for insurers and car owners?
At Ant Financial, every team member is empowered to leverage the power of technology to solve real world problems. Guo pitched his idea to his superior and quickly obtained approval to start building a feasible solution from scratch, using the company’s resources. Using AI, machine learning and computer vision, Xin Guo and his team worked day and night to develop a technology service that became known as Dingsunbao, or “Loss Assessment Master”. In August 2017, after eight months of development and testing, the first official version of Dingsunbao was launched. The service allows car owners to upload images and videos of their damaged vehicles, and have their claims processed within seconds. Through technology, insurance companies are able to save significant resources by freeing up human claim adjusters to focus on more complicated accidents. Customer satisfaction also significantly improved.
In China, it has been difficult for insurers to strike the right balance between operational costs and customer satisfaction. Most insurance companies barely break even or in fact lose money from their automobile insurance business due to labor costs and fierce competition. This has now changed with the introduction of Dingsunbao. As of May 2018, Dingsunbao helped insurance companies reduce their costs of claims handling by over RMB 1 billion, and saved claim adjusters 750,000 hours of time through the automation of the claims process.
Xin Guo’s sharing session at the ANSIC roadshow sparked lively discussion from participating start-up entrepreneurs.
Separately, Dr. Melissa Foo, VP of Social Innovation of Agensi Inovasi Malaysia, moderated a panel discussion entitled, “Running a Sustainable & Scalable Social Enterprise in Malaysia.” Panelists included Redza Shahid, CEO and co-founder of Grub Cycle, a social supermarket that is dedicated to reducing food waste and Suzanne Ling, co-founder of the Picha Project, a social enterprise providing sustainable catering services to help refugee families in Malaysia.
Discussing the role of technology in addressing social issues, Redza Shahid commented, “Food waste is a global issue and we want to help. Grub Cycle works with restaurants and supermarkets to buy food that they can’t sell then distribute the food at a discount to low income groups, through online and offline channels. It really makes a difference when our suppliers and consumers can see in real-time how much they have saved by using Grub Cycle.”
Susanne Ling explained the reasons she started Picha Project, "The value of social enterprise is in solving real issues. Picha wants to help refugees in Malaysia have a way to support their families before they are able to return to their home country. Our chefs are all refugees in Malaysia who would otherwise have little chance of getting a job. We are focusing on using technology to bring out the stories of our chefs, making corporate catering more convenient and marketing more effective."
Xin Guo said, “It’s very exciting to see so many young, energetic and ambitious start-ups in Malaysia today. Alipay is also a start-up company. We hope by sharing our own experiences and working with partners here, we can contribute to supporting local innovation and the growth of more indigenous start-ups that use digital technology to address real world problems and benefit more people.”
The Malaysian roadshow is part of a series of events in Southeast Asia to help raise awareness of the Alipay-NUS Enterprise Social Innovation Challenge and to inspire new ideas and innovation in the region. In Malaysia, Ant Financial supports its partner Touch n’ Go with technological capabilities and experience in implementing a mobile payment platform to offer innovative payment solutions and other inclusive financial services.
For more information on the Challenge, please visit www.alipaynusseachallenge.com.
About Alipay-NUS Enterprise Social Innovation Challenge
The Alipay-NUS Enterprise Social Innovation Challenge aims to identify and support the growth of start-ups in Southeast Asia that are using digital technology to build a more inclusive society. Areas of focus include, but are not limited to, enabling low-income groups to gain access to better educational opportunities, supporting elderly individuals leverage digital technologies to enhance their lifestyle, and helping people with disabilities through upskilling and reskilling initiatives.
The inaugural Alipay-NUS Enterprise Social Innovation Challenge is taking place in Singapore, Malaysia and Indonesia. Applicants can participate by registering online at www.alipaynusseachallenge.com. Applications will close in January 2019. The first round of judging will determine the top three winners within each country, who will each receive a cash prize of SGD $10,000. The nine finalists will compete for the top cash prize of SGD $50,000 in the grand finale, to be held in Singapore in March 2019.
The winning teams will not only receive financial rewards to invest toward increasing their social impact, but also receive support to accelerate their growth through networks, mentorship and partnership opportunities with Ant Financial, NUS and other partners in the ecosystem. Top teams will also receive three-month incubation support by NUS Enterprise, as well as access to its BLOCK71 community and co-working space in Singapore, Bandung, Jakarta, Yogyakarta, Suzhou and San Francisco.
A series of workshops and roadshows have been held in Singapore, Malaysia and Indonesia, to build awareness of the challenge, encourage applications and support further growth for the participating teams.
In addition, the winners will become eligible for the 10x1000 Tech for Inclusion programme jointly provided by International Financial Corporation (“IFC”), a member of the World Bank Group, and Alipay. The comprehensive training programme will support the cultivation of 1,000 technology experts in emerging markets from both public and private sectors over the next 10 years. There will also be potential opportunities to work with Ant Financial and Alipay on CSR initiatives.
This latest initiative builds on the work and strategic partnerships that Ant Financial has been carrying out in Southeast Asia. Ant Financial has been sharing its technology capabilities with strategic e-wallet partners such as TrueMoney in Thailand, DANA in Indonesia, GCash in the Philippines and Touch ‘n Go in Malaysia, to enable them to innovate and better service their customers.
About Ant Financial
Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.
Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.
For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.
Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.
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Business Wire India
Satoshi Is Coming Back Incorporated announces the launch of SatoshiIsComingBack.com and the marketing of two blockchain technology patent assets.
SatoshiIsComingBack.com, a stunning 8000-word whitepaper, posits that the founder of Bitcoin is coming back to control Bitcoin’s code. “Satoshi Is Coming Back Incorporated owns technology that Satoshi will want after he controls Bitcoin’s code and the corporation seeks to license patents to Satoshi himself,” explains Rami Tabello, CFA, the founder of Satoshi Is Coming Back Incorporated.
The patents concern energy efficiency and a blockchain censorship system that acts as a “box” for artificial intelligence.
SatoshiIsComingBack.com introduces thrilling concepts and abstractions that will support the company’s technology and have an electrifying impact on Bitcoin. For example, the whitepaper conceptualizes the “intrinsic value” and “intrinsic cost” of cryptocurrencies for the first time.
“These are game-changing abstractions because now that the intrinsic value of Bitcoin is established, finance professionals can understand how intrinsic value can be increased to make Bitcoin large enough to act as a central bank reserve asset,” explains Mr. Tabello, a member of CFA Society Toronto.
The myth-busting whitepaper also restructures our understanding of how energy is actually used by blockchain, permitting us to isolate, separate out, then commodify each constituent part of energy’s utility. “Our abstract explanation of how energy stabilizes blockchains allows blockchains to grow with substitute stabilizers that don’t consume energy commodities,” says Mr. Tabello, a 44-year-old Canadian. “One of our patent applications describes using CAPTCHA puzzles as a substitute stabilizer.”
The cohesive and comprehensive whitepaper explains how AI and superintelligences can develop with blockchain as their substrate.
“Our patent pending censorship system for blockchain allows humans to box, slave and guide the development of AI so it serves us,” says Mr. Tabello. “Without our technology, censorship resistant Bitcoin could lead to sovereign, artificially intelligent business ventures that are adversarial to humanity. Satoshi should use our censorship technology after implementing a hard fork. The whitepaper outfits Satoshi with discursive narrative to justify the hard fork.”
The erudite whitepaper cites over 50 scholarly authorities in Modern Languages Association style. The science fiction section of the whitepaper dramatizes this universe as a cryptocurrency ledger called Bitjoule. Satoshi is Bitjoule’s protagonist in a story that features superhero tropes. Bitjoule is a computer simulation and its director needs humans to solve CAPTCHAs. “The whitepaper has the bare-bones of a science fiction epic poem. We plan to commission, underwrite then license an epic poem of literary merit to lament Satoshi’s absence in a story that tells of his return,” says Mr. Tabello.
Satoshi Is Coming Back Incorporated is a Canadian startup that supports its technology with powerful discourse. It now seeks venture capital funding. The corporation’s ambitious objective is to own mandatory technology that regulates all blockchains, and to become the leading voice on Bitcoin.
Business Wire India
BitGo, the market leader in institutional cryptocurrency financial services, will support the Universal Protocol Platform and its family of Tokens. The UP Platform allows all cryptocurrencies to become accessible on a single network through the introduction of Universal Tokens.The first set of tokens to be supported include the Universal Bitcoin (an Ethereum based version of Bitcoin), and two Stablecoins -- the Universal Dollar (UPUSD) and the Universal Euro (UPEUR). These interoperable tokens are minted in a fully transparent process on the blockchain.
“We’re pleased to be supporting a standard that can help move the crypto community forward by solving issues of interoperability and the safeguarding of crypto assets,” said Mike Belshe, CEO, BitGo.
Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact with one another. This results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly workaround solutions. To date, this has greatly hindered innovation in blockchain and the realization of its vast potential to fundamentally disrupt a wide array of economic, social and industrial sectors. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Universal Tokens. The UP Platform, which recently announced early backing by a group of leading institutional investors, serves as the hub for the creation and management of ‘Universal’ tokens and user features that will drive mass user adoption of cryptocurrencies.
The Universal Platform is created by the UP Alliance, a group of pioneering blockchain companies whose mission is to provide critical building blocks to support the next 100 million users of Crypto. The founding members of the coalition include Uphold, Cred, Blockchain at Berkeley, Brave, and FBG capital.
“We’re thrilled to welcome BitGo’s support of the Universal Platform standard and its family of Tokens,” said Dan Schatt, Chairman of the UP Alliance. “BitGo’s experience and thought leadership will help support the Alliance scale its services to support the growing retail and institutional crypto community.”
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with one other,” said JP Thieriot, President of the UP Alliance and Co-founder of Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies, much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”
The UP Platform will publish the value of its assets in custody in real-time on a public blockchain. The reserve will also be subject to quarterly third-party audits that will be shared with the community to demonstrate the financial soundness of the Proxy Token ecosystem.
The platform will enable a new world of tokenized digital assets – ranging from Universal blockchains such as Bitcoin, to Universal securities and Universal Private Equity – and will facilitate the instant and seamless conversion of different forms of value. In doing so, the UP Platform will unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Universal Tokens representing the next generation of digital money.
Learn more at www.universalprotocol.io
Business Wire India
Citi Private Bank released its Outlook report for 2019. The twice-yearly publication provides in-depth insights into the global economy and financial markets for the coming year, and highlights important multi-year investment themes for client portfolios.
The report titled, ‘Safeguarding assets: Building stronger portfolios for more turbulent times,’ highlights two key global developments that may affect portfolios in 2019. The first is the return to pre-crisis normalcy in the global monetary system and markets, and the second is the continued retreat from normalcy in politics and geopolitics.
Against this backdrop, the Private Bank believes the global economic expansion and bull market in risk assets can endure through 2019. However, given the late-stage of the US monetary tightening cycle and increased market volatility, it urges building stronger portfolios for turbulent times by investing in more resilient assets and by employing strategies that reshape investment outcomes.
The Private Bank also sets out three broad investment themes it thinks will likely influence portfolio returns over the coming years. They include putting cash to work in income-producing assets, safeguarding gains made over recent years via various investment strategies and diversifying globally, as well as building exposure to the rise of Asia, increasing human longevity, and digital disruption.
In addition to its themes, the Private Bank presents its thinking on an approach it calls Investing with Purpose (IwP). IwP seeks both to maintain portfolio quality and serve the greater good by delivering environmental, social and governance benefits.
“We believe 2019 will be complex and more volatile for our clients,” said David Bailin, Global Head of Investments, Citi Private Bank. “We therefore outline vital steps in Outlook 2019 to help mitigate risks and potentially enhance total return profiles. These include keeping a close watch on US monetary policy, especially its effects on the yield curve. We also recommend allocating to countries and companies that are likely to withstand the challenges now facing the world.”
The full report, a summary version, short videos, and other materials can be accessed via the Citi Private Bank website here.
About Citi Private Bank:
Citi Private Bank is dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With approximately $390 billion in global assets under management, the franchise includes 48 offices, serving clients across 130 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, safeguard assets, preserve legacies, and serve family and family business needs. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art and sports advisory and finance.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: https://blog.citigroup.com/ | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Business Wire India
Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities and the Universal Protocol Alliance, creator of the Universal Protocol Platform, today announced that they will join the Board of the Blockchain Advocacy Coalition to provide education and support to state and federal legislators and regulators.
“We’re pleased to welcome Cred and the Universal Protocol Alliance to our Board,” said Ally Medina, Executive Director of BAC. “These pioneering blockchain organizations are at the cusp of innovation. By working closely with policymakers and regulators, our board members will help develop thoughtful policy initiatives that support innovation in the blockchain industry and benefit the U.S. economy.
Blockchain Advocacy Coalition has taken the time to build relationships in Sacramento with policymakers, regulatory bodies and office holders. California has half of the nation’s cryptocurrency and blockchain industry, a share that will increase as more positive legislation passes. The state is uniquely well positioned to lead the nation on regulation that supports blockchain innovation, and we are here to make sure it’s done right. Thoughtful legislation passed here can serve as a model for the federal government and other states.”
“We’re pleased to be working with BAC to help policymakers understand and advocate for crypto and blockchain friendly policies,” said Dan Schatt, Co-founder of Cred and the Universal Protocol Alliance. “Our mission is to offer a more equitable, transparent and inclusive set of financial services through blockchain technology. Helping Sacramento and Washington understand the policy implications with this new technology will ensure that it can be prioritized accordingly.”
“California has always been a place for innovation and opportunity, and SB 838 shows how we can use technology to increase consumer protection and help prevent cases of fraud,” said Senator Hertzberg (D-Van Nuys). “That it was signed into law is a great testament to the work being done around the state by folks like the Blockchain Advocacy Coalition to advance this rapidly growing technology.”
About the Blockchain Advocacy Coalition
The Blockchain Advocacy Coalition is committed to educating legislators and regulators about blockchain technology and advancing regulations that support innovation. BAC supports political advocacy that directly benefits the blockchain and cryptocurrency industry and allows its members to gain access and insight into local, state and federal level politics, and to connect with other businesses that share these values.
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred’s LBA token is available in more than 180+ countries including the US. For more information, visit mycred.io or follow us on Twitter, Facebook and LinkedIn,
About the Universal Protocol Alliance
Universal Protocol Alliance (UP) is a coalition of cryptocurrency companies and blockchain pioneers, the Universal Protocol Alliance seeks to accelerate the adoption of blockchain as a mainstream financial technology by making digital assets more accessible, secure and convenient to own. The Alliance consists of Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital.
Business Wire India
Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, today announced the launch of CredX, Cred’s developer platform, enabling any company or developer to turn their products into powerful financial applications for their customers. Crypto exchanges, crypto wallets, miner service providers, even traditional financial institutions have the ability to access Crypto Lending as a Service (CLaaS™) and create a rich set of customer experiences for their customers.
“Lending and Earning Crypto are hard businesses to get right, particularly in a bear market,” said Dan Schatt, Co-Founder of Cred and the Universal Protocol Alliance. “A crypto custodian, wallet, merchant or exchange business can now offer their customers compelling credit and treasury management features built directly into their own apps, powered by Cred. Businesses can choose to use their own balance sheets, or leverage Cred’s to provide credit and earning services to generate revenue, customer retention, cost saves and receive an instant settlement. Companies can also place their BTC with Cred to earn substantial interest. We look forward to continually adding new functionality that will appeal to new and existing customers of crypto. Even traditional financial institutions can benefit.”
Cred’s APIs will allow businesses of every size affordable access to low-interest loans using crypto as collateral. The platform provides the simplicity and reliability needed to navigate the complexity of blockchain financial services. Some of the companies currently building CredX services and LBA token utility in their applications include:
Uphold – Uphold has over 1 million users around the world and has traded over $4.1 billion on its digital money platform and reserve ledger. Uphold customers will be able to borrow dollars against their crypto and earn returns on their stablecoins via Uphold Borrow and Uphold Earn powered by Cred.
Acre - Acre is a crypto investment application that enables micro-investing in cryptocurrencies. Acre demystifies and democratizes the cryptocurrency space, making the value of crypto projects accessible to everyday people. Acre’s customers will be able to collateralize their crypto to access low-interest rate loans and earn a return on their tokens.
Heleum: Heleum is a financial software company that has developed investment applications that automate the process of buying, selling and trading crypto and fiat pairs. Heleum will leverage the CredX platform where funds borrowed through Cred can be invested automatically through Heleum and allow users who stake their LBA to earn returns that can offset their loan interest and principal.
“Cred is creating the next generation of platform APIs for the crypto community, something that venerable companies such as PayPal and Stripe are not providing today,” said Scott Thompson, Former President of PayPal. “The future of financial services require a more open and transparent approach to FinTech, and Cred’s former PayPal team is well positioned to meet a market need.”
“I’ve always felt that distributed ledgers are a natural outcome of social media, blockchain and open source,” said Brett King, Author of Bank 4.0 and Co-Founder and CEO of Moven Bank. “Happy to see that lending and earning are emerging as an excellent set of application services on the CredX platform.”
“The CredX platform enables our company to build some products that are very exciting for our customers-- automated margin trading of fiat and crypto pairs, the ability to lower interest rates through LBA staking and the potential to generate income to pay back loans,” said Pace Ellsworth, Co-Founder, and CEO of Heleum. “We look forward to building many more future products with CredX.”
“We’ve been big fans of Cred from day one and foresee a huge opportunity to increase yields on crypto and fiat, and lower the cost of loans to Uphold customers in 180+ countries,” said JP Thieriot, Co-founder and CEO of Uphold. “Everyone wins when we can combine Cred’s best of breed credit and treasury management capabilities with Uphold’s crypto and fiat banking and investment services.”
“We believe crypto as an asset class will outperform traditional assets over the next 10 years, and our ability to tap into Cred’s platform to provide a combination of saving and investment features will provide more financial freedom and flexibility for our customers,” said Brendon McQueen, Co-Founder, and CEO of Acre.
Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred has secured over $300,000,000 of global lending capital. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. For more information, visit mycred.io or follow us on Twitter, LinkedIn, or join our community on Telegram.
Business Wire India
WaveOptics, the world leading designer and manufacturer of diffractive waveguides for use in Augmented Reality (AR) wearables, has raised $26 million (£20m) from existing shareholders and new investors.
This round was led by Octopus Ventures, one of WaveOptics’ largest shareholders and one of Europe’s most prominent venture capital firms. The fundraise was supported by other existing shareholders including IP Group, Robert Bosch Venture Capital and Gobi Partners, as well as new investors Goertek and Optimas Capital Partners.
Goertek is a global leader in the design and manufacturing of high-tech consumer electronics. Goertek’s investment is a significant development for the business and follows the announcement on 28 November 2018 that WaveOptics and Goertek have agreed an exclusive manufacturing partnership that will enable the global mass production of waveguides.
Based in Hong Kong, Optimas Capital Partners is a growth-oriented alternative investment platform. It seeks to identify and invest in cutting-edge technology globally and utilises its unique access to industry networks to create synergy and accelerate growth.
The capital raised will be used to scale up the business operations on a national and international basis. WaveOptics is building a large volume manufacturing supply chain to meet customer demand from Asia and US markets.
The business is also investing in its overseas infrastructure having recently opened offices in Los Angeles and Taipei and plans to open a new office in Beijing in 2019.
This first stage investment represents the largest AR hardware fundraise in Europe in 2018. WaveOptics is in advanced discussions with potential new shareholders and strategic partners regarding participation in a second stage.
David Hayes, WaveOptics CEO, commented:
“We have made excellent progress over the last year with our high performing, manufacturable, and versatile waveguides. We are now working with a wide range of leading global OEMs and ODMs as they ramp up the development of their products.
“These additional funds will enable us to scale up rapidly around the world, particularly in Asia and the US. This will include our ability to manage and support an increasing number of customers across different sectors. The market is gathering pace with AR wearables expected to become available in volume by the end of 2019.
“Securing Goertek as a shareholder is a key strategic development for us and a major endorsement of our technology. Their global market position will significantly expand our reach.
“We have seen a recent surge in interest from potential shareholders and strategic partners and anticipate closing further funding in the coming months.”
Simon King, Principal atOctopus Ventures, added:
“We are delighted to have led the first stage of this funding round, backing the fantastic team at WaveOptics as we believe the business is on track to become a leading UK-headquartered global tech business.
“WaveOptics has now established its position as the key optical technology provider to its global customers and partners. They are unique in their ability to build AR hardware solutions at scale to address the numerous opportunities in the emerging AR ecosystem.”
About WaveOptics - www.enhancedworld.com
WaveOptics is the world leading designer and manufacturer of diffractive waveguides, the key optical component in wearable augmented reality (AR) devices.
AR wearables, such as smart glasses, enable users to see computer-generated images overlaid on top of the real world. There are two key elements that allow these images to be seen – a light source such as a minute projector and a means of transferring the image from the projector into the user’s eyes.
WaveOptics’ waveguide technology transfers the light waves from the light source and projects them into the user’s eye. The technology produces a large eye-box, binocular viewing and a high field of view. The eye-box (the viewing window) is the size of the AR display from which the full image is visible. WaveOptics’ waveguides deliver crisp, undistorted text as well as stable imagery.
WaveOptics technology is designed to be used for immersive AR experiences in industrial, enterprise and consumer markets.
About Octopus Ventures
Octopus is a group of companies that invests in the people, ideas and industries that will help to change the world. Octopus Group are experts in smaller companies, renewable energy and healthcare infrastructure. Octopus Group currently manage more than £8.6 billion on behalf of their customers. Octopus Energy, Octopus Healthcare, Octopus Investments, Octopus Labs, Octopus Property and Octopus Ventures are all part of Octopus Group. Visit octopusgroup.com.