Even Realities raises $150M at $1B valuation on a camera-free bet

What's the deal? Smart glasses maker Even Realities has raised $150 million in a Series B round at a $1 billion valuation, led by Meituan and existing backer Tencent. The Shenzhen-based startup, founded in 2023 by ex-Apple engineers, makes display-first glasses that beam information into the wearer's line of sight.

What's the endgame? Even is betting against the industry. While rivals chase camera-equipped devices built for content capture, its flagship G2 skips the camera entirely, using a heads-up display in the frames controlled by a companion ring. Founder and chief executive officer Will Wang frames privacy as central: "Smart glasses are the first product category to rely on optical displays, which require an entirely different technology stack."

Why now? The round lands as the sector heats up, with Meta and Snap rolling out new smart glasses. Even moved fast — its G1 launched in 2024, it became the first in the category to sell more than 10,000 pairs, and staff swelled from 30–40 in 2024 to 300–400 today.

By the numbers: The $150 million ranks among the largest Series B rounds in its category — the top 1% of 54 comparable technology deals in its region over the past four years. Earlier backers include HillhouseDealroom has a profile for this one. Try Dealroom →, Sequoia China, and Northern Light Venture Capital.

What could go wrong? Adoption remains unproven. Even manufactures in China but does not sell there; its main markets are the US — its fastest-growing — plus Japan, South Korea, the Middle East, and Europe. The wider XR space has seen patchy consumer uptake, making a billion-dollar valuation for an early maker a bold wager.

The signal: Meituan and Tencent's backing reads as strategic, not just a unicorn mark-up. Both giants dominate location-based services, commerce, and payments — a thesis that ties smart glasses to the ecosystems they already control, betting on wearables as the next consumer interface.

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