Even Realities secures $150 million funding, reaches $1 billion valuation

Shenzhen-based Even Realities announced a $150 million pre-Series B financing round led by Meituan and existing investor Tencent, which places the three-year-old startup at a $1 billion valuation. The company, founded by former Apple engineers in 2023, focuses on camera-free smart glasses that display information directly in the wearer’s line of sight.

CEO Will Wang said the firm is pursuing a “display-first” approach, contrasting with competitors that emphasize camera-based devices. The latest model, the Even G2, launched in November, uses a heads-up display integrated into the frames and is operated via a companion ring, the Even R1, for tap and swipe navigation.

Wang highlighted privacy as a design priority, noting that voice features transcribe audio to text without storing recordings, user data is encrypted, and the system complies with European privacy regulations. The glasses also include a conversational assistant called Conversate, which provides real-time explanations and summaries.

Even Realities has developed proprietary optics technology called Even HAO (Holistic Adaptive Optics), which integrates the microchip, waveguide and prescription support into a single design. The company reported selling more than 10,000 units of its first product, the Even G1, and expanding its staff to 300-400 employees.

More than half of the user base is in the United States, and the firm’s primary markets include the U.S., Japan, South Korea, the Middle East and Europe. The glasses retail for $599, with optional prescription lenses or the control ring adding $200-$300, bringing the typical order value to around $1,000. Wang said the majority of customers are male professionals aged 30-50, with roughly a third holding executive positions.

Even Realities’ earlier investors include Sequoia China and other high-profile Chinese firms.