OQmented today announced that it extended its seed round and secured an additional €8 million in funding.
The fresh funding comes from investors like IT-Farm, Leblon Capital, Deeptech-A, Vsquared Ventures (Vsquared), Salvia, and Baltic Business Angels. The Itzehoe-based deeptech startup has raised nearlabout €17.3 million since its 2018 spin-out from the Fraunhofer Institute in Germany.
OQmented is a deep tech startup, whose founders have been major drivers in the development of MEMS mirror technology for more than 20 years. They have put together a very dedicated team of engineers and employees, passionate about developing and selling the most advanced laser beam scanning systems available on the market today.
The fresh capital will be invested in the expansion mainly of the company’s location in Itzehoe, accelerating their Research & Development as well as fostering existing partnerships and establishing cooperations with new partners. Also, the capital will be invested to fast-track market penetration of OQmented’s MEMS mirror-based laser beam scanning (LBS) technology for AR/VR smart glasses. The tiny projection display — the industry’s first one-chip solution — gives product innovators the essential enabling technology for smart glasses that offer powerful visualization capabilities in a stylish, virtually weightless frame. The product will contribute to propel AR/VR technologies into the mainstream, smoothing the runway to the next iteration of the internet, and enabling applications like 3D cameras, LiDAR, and machine vision products.
Salvia Founder and Managing Partner, Helmut Jeggle, noted that with advanced AR/VR technologies the notion of smart glasses replacing the smartphone is becoming more real. He stated: “OQmented is at the forefront of this trend with its game-changing projection display technology. Our investment decision was sparked by the team’s sharp market instincts and reinforced by the value that their innovation will create for myriad industries.”