ITZEHOE, Germany, Nov. 04, 2021 (GLOBE NEWSWIRE) — OQmented today announced that it extended its seed round and secured an additional USD 9.3 million. New investors IT-Farm, Leblon Capital, and Deeptech-A join a syndicate that includes Vsquared Ventures (Vsquared), Salvia, and Baltic Business Angels, along with several Angel investors. The deep tech startup has raised nearly US$20 million since its 2018 spin-out from the Fraunhofer Institute in Germany.
The funds 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. They will 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 help 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. “OQmented is at the forefront of this trend with its game-changing projection display technology,” he said. “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.”
Vsquared General Partner, Benedikt von Schoeler, remarked on the company’s disciplined execution, noting: “The team has been remarkably resource-efficient, innovating aggressively while scaling a company to support Big Tech customers. With a differentiated solution ready for adoption, as well as a manufacturing partnership with a MEMS leader, it is an exciting time to engage.”
Julian Nguyen of IT-Farm adds: “Proximity to key customers isn’t just a business imperative for a company with highly enabling technology, it’s also a competitive differentiator. With our roots and connections in Japan and Silicon Valley, we can help the team get their product into customer design flows faster and more efficiently.”
OQmented is a deep tech company developing and selling high performance MEMS mirrors for ultra-compact LBS displays and best in class 3D sensing solutions for mobile and stationary applications. The unique Lissajous scan pattern in combination with the patented vacuum packaging Bubble MEMS® technology and proprietary electronics and software enable new product categories in consumer and various other industries. OQmented will be present at the AWE USA 2021 in Santa Clara, California, November 9-11.
About Vsquared Ventures
Vsquared Ventures is a B2B deep tech-focused early stage VC based in Munich. Backed by leading European technology entrepreneurs and family offices, Vsquared Ventures embraces technology to advance society. The fund invests in several cutting-edge technology areas, such as New Space, Quantum Computing, New Materials and Frontier Hardware, AI and Robotics. Past founding investments include Isar Aerospace and IQM Quantum Computers.
Salvia GmbH is an investment company founded and run by Helmut Jeggle, an early-stage investor since 2017 and co-founder of BioNTech SE. Salvia assists innovative companies through its capital, expertise and extensive network. The focus of the private investment firm, which is based in Holzkirchen (Munich), is on companies in the fields of deep tech and science that are driving sustainable change and can show the world the way forward. The firm’s aim is to create long-term, opportune and “healthy” values.
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