Chinese Startup Even Realities Valued at $1 Billion After $150M Funding Round

Chinese startup Even Realities, founded in 2023 by former Apple engineers, has completed a $150 million funding round. The lead investors were Meituan and Tencent, bringing the company’s valuation to $1 billion. Previous investors include Sequoia China and other major players in the tech industry.

The company specializes in developing smart glasses that project information directly into the user’s field of view. Unlike competitors such as Meta* and Snap*, Even Realities has opted not to include cameras to ensure privacy. The devices are controlled via the Even R1 ring, and the built-in AI assistant, Conversate, helps analyze conversations in real time and sync data with a smartphone.

The first model, Even G1, was released in 2024 and became one of the lightest smart glasses on the market. An updated version, G2, launched in November of the same year, also excluded cameras. Founder Will Wang emphasized that the company’s key focus is optical technologies, including the patented Even HAO system, which integrates microchips, waveguides, and prescription lens support.

Over half of Even Realities’ users are based in the U.S., where the company is actively building a developer community. The average price for the devices is around $1,000, with the primary audience being men aged 30–50, including top executives. Despite the high cost, the startup has sold over 10,000 pairs of glasses and continues to scale production.