Even Realities Technology, a Shenzhen-based smart-glasses maker founded by a former Apple engineer, has become a unicorn after raising $150 million in a pre-Series B funding round that values the company at $1 billion.
Tencent and Meituan participated in the round, the company said Monday. The funds will go toward developing its next-generation smart glasses platform, deepening AI integration, scaling global operations, and accelerating product development.
The company was founded in 2023 by Will Wang, who worked at Apple from 2016 to 2018 and was involved in the development and mass production of Apple Watch and iPhone. Wang is now targeting the AI wearable market currently led by Meta Platforms.
Even Realities' flagship product, the Even G2, differs from Meta's camera-equipped Ray-Ban line in a notable way: it carries no camera or recording hardware. Instead, it delivers messages, navigation, and live translation through a heads-up display embedded in the lenses. The company has positioned user privacy as a central design principle.
The startup also sells the Even R1, a smart ring that controls the G2's display. Even Realities said Wang's time at Apple informed the design vision for the G2, which launched late last year with a larger display in a lighter frame.
"The future isn't about pulling out a device every time you need information," Wang said. "It's about having the right information available exactly when you need it, while remaining fully present in the world around you."
More than half of Even Realities' user base is located in the United States, and approximately 80% of its developer community is U.S.-based, the company said — a notable figure for a Shenzhen-headquartered firm competing in a category dominated by an American platform.
The round adds institutional weight to a company that has largely drawn Chinese-origin capital. Prior backers include CDH Investment, Monolith Management, and CVC Capital. In January, it raised an undisclosed amount from Hong Kong-headquartered Unicorn Capital Partners and Cyanhill Capital.
The funding arrives as the global smart glasses market is expanding rapidly. The category grew 167% year over year in the first quarter of 2026, shipping 2.25 million units worldwide, according to IDC. Meta held nearly 70% of that market, followed by Shenzhen RayNeo Technology and Xiaomi. IDC attributed much of that growth to mainstream adoption of display-less smart glasses, led by Meta's Ray-Ban collaboration.
Global shipments of smart glasses — including display, augmented-reality, and virtual-reality variants — are expected to more than double to 50 million units by 2030, IDC projects.
Even Realities is entering a competitive domestic field as well. Rival Rokid carries a valuation of $2.58 billion following a $522 million raise in March, according to PitchBook data. RayNeo, incubated by TCL Electronics, is valued at $239.9 million, PitchBook shows.
Alibaba added to the crowded field in February when it launched Quark AI glasses, underscoring how swiftly Chinese consumer electronics firms are moving to establish positions in the AI wearable segment.
With its new valuation and a user base concentrated in the United States, Even Realities faces the dual challenge of differentiating its privacy-focused hardware from Meta's entrenched platform while navigating the geopolitical scrutiny that has increasingly followed Chinese-backed technology companies operating in American markets.
Disclaimer