Ex-Apple Employee Now Building Chinese iPhone Replacement

Chinese smart glasses manufacturer Even Realities Technology has achieved unicorn status after securing US$150 million, or approximately Rp2.7 trillion, in funding. The pre-Series B funding round was joined by major investors including Meituan and Tencent, pushing the company’s valuation past the US$1 billion mark. Founder and CEO Will Wang is a former Apple employee who worked at the company from 2016 to 2018. During his time at Apple, he was involved in the development and mass production of the Apple Watch and iPhone. Wang is now targeting the AI-powered wearable device market, which is currently dominated by Meta Platforms. Smart glasses are often touted as the future replacement for mobile phones, with the industry growing rapidly as several technology companies, including Meta, Apple, and Snap, actively develop such devices. The Shenzhen-based company stated the fresh funds will be used to develop its next-generation smart glasses platform, deepen AI integration, expand global operations, and accelerate product innovation. Even Realities joins the global AI device race alongside Meta Platforms. In China, Alibaba also launched its Quark AI glasses in February. Founded in 2023, Even Realities launched the Even G2 smart glasses late last year. The product features a larger display housed within a lighter frame. Simultaneously, the company introduced the Even R1 smart ring, which can control the display on the Even G2. The company says the development vision for the Even G2 was largely inspired by Wang’s experience working at Apple. Unlike Meta’s Ray-Ban line, which is equipped with a camera, the flagship Even G2 lacks any camera or recording device. Instead, the device displays notifications, navigation, and real-time translation through a heads-up display embedded within the lens. The company chose this approach to prioritise user privacy. “The future is no longer about pulling out a device every time you need information. The future is about having the right information available exactly when you need it, while remaining fully present in the world around us,” Wang said. Even Realities revealed that more than half of its users are based in the United States, and approximately 80% of its software developers are also located there. The global smart glasses market continues to show rapid growth. According to a report by research firm IDC, worldwide smart glasses shipments surged 167% year-on-year in the first quarter, reaching 2.25 million units. Meta still leads the market with a share of nearly 70%, followed by Shenzhen-based augmented reality glasses maker RayNeo Technology and Chinese electronics giant Xiaomi. IDC noted the growth was driven by the increasing adoption of display-less smart glasses, particularly due to the success of Meta’s collaboration with Ray-Ban. Looking ahead, IDC forecasts that global smart glasses shipments, including devices with displays and virtual reality functions, will more than double to reach 50 million units by 2030. Since its inception, Even Realities has been largely funded by Chinese venture capital and private equity firms, including CDH Investment, Monolith Management, and CVC Capital. In January, the company also secured an undisclosed amount of funding from Hong Kong-based Unicorn Capital Partners and Cyanhill Capital. In the domestic market, Even Realities’ main competitor is Rokid, which has a valuation of US$2.58 billion according to PitchBook data, after securing US$522 million in funding in March. Meanwhile, RayNeo, a subsidiary of TCL Electronics, has a valuation of approximately US$239.9 million.