Even Realities Technology, a Chinese smart-glasses startup founded by former Apple executive Will Wang, has achieved unicorn status following a $150 million pre-Series B funding round that included major investors such as Tencent and Meituan, bringing its valuation to $1 billion [1]. Will Wang, who worked at Apple from 2016 to 2018 on the Apple Watch and iPhone, is positioning Even Realities as a competitor in the AI wearable market currently dominated by Meta Platforms [1]. The company plans to use the new funds to develop its next-generation smart glasses platform, enhance AI integration, expand global operations, and accelerate product innovation [1].
Even Realities, founded in 2023 and based in Shenzhen, launched the Even G2 smart glasses with a larger display and lighter frame late last year, as well as the Even R1 smart ring, which controls the G2's display [1]. Unlike Meta's camera-equipped Ray-Ban smart glasses, the Even G2 does not include cameras or recording hardware, instead focusing on privacy by providing messaging, navigation, and live translation through a heads-up display embedded in the lenses [1]. Will Wang emphasized the company's vision for seamless information access without the need to pull out a device, stating, "It's about having the right information available exactly when you need it, while remaining fully present in the world around you" [1].
More than half of Even Realities' user base is in the United States, and approximately 80% of its developer community is also U.S.-based [1]. The global smart glasses market surged 167% year-over-year in the first quarter, reaching 2.25 million units shipped, with Meta holding nearly 70% market share, followed by Shenzhen RayNeo Technology and Xiaomi, according to IDC [1]. Growth in the sector was driven by mainstream adoption of display-less smart glasses, particularly through Meta's Ray-Ban partnership [1]. IDC projects that global shipments of smart glasses, including those with display or virtual-reality functions, will more than double to 50 million units by 2030 [1].
Even Realities has been primarily funded by Chinese venture capital and private equity firms, including CDH Investment, Monolith Management, and CVC Capital, and previously raised an undisclosed amount from Unicorn Capital Partners and Cyanhill Capital in January [1]. Its domestic competitor, Rokid, is valued at $2.58 billion, according to PitchBook data [1].
CONCLUSION
Even Realities' $150 million funding round and unicorn valuation mark a significant milestone in the competitive smart glasses market, positioning the company as a notable challenger to Meta. With strong backing from leading Chinese investors and a focus on privacy-centric AI wearables, Even Realities is poised for further growth as the global market for smart glasses expands rapidly.