Will Wang, founder and CEO of Even Realities Technology and a former Apple executive, stated that startups building consumer electronics have a better chance of becoming the 'next Apple' in Shenzhen rather than Silicon Valley, citing the city's deep engineering talent pool and supply chain dominance [1]. Wang, who previously worked at Apple from 2016 to 2018 on the Apple Watch and iPhone, emphasized that Silicon Valley has shifted its focus away from hardware startups, with talent and capital now flowing intensively into AI and software agents instead [1].
Even Realities, a Shenzhen-based smart-glasses startup and China's newest unicorn, announced it had raised $150 million at a $1 billion valuation, with investors including Meituan and Tencent [1]. The company is targeting global investors in its next fundraising round to support overseas expansion, with the U.S. remaining a critical market as more than half of its users are based in America [1]. Wang noted that Chinese investors 'simply move much faster, and they are closer to us,' but the next round will seek more global participation [1].
The article highlights Shenzhen's vibrant ecosystem, home to tech giants such as Tencent, Huawei, DJI, and BYD, and a new generation of founders in companies like Insta360 and UBTech [1]. Even Realities is positioning itself in the AI wearables market, which is currently dominated by Meta Platforms [1]. The company faces domestic competition from Rokid, valued at $2.58 billion after raising capital from Temasek, and RayNeo, valued at $239.9 million [1].
Several Chinese startups are betting on AI-related consumer hardware, leveraging the country's manufacturing strengths to offset America's lead in software [1]. Wang's comments reflect a broader trend of hardware innovation shifting from Silicon Valley to Shenzhen, driven by supply chain advantages and a robust engineering workforce [1].
CONCLUSION
Will Wang's remarks and Even Realities' recent fundraising underscore Shenzhen's growing importance as a global hub for consumer electronics and AI hardware innovation. The company's focus on global expansion and the competitive landscape in China suggest continued momentum in the sector, with Shenzhen poised to challenge Silicon Valley's historical dominance in hardware startups.