Smart Glasses Maker Even Realities Hits $1B Valuation with $150M Funding Led by Meituan, Tencent
In the rapidly growing market of smart glasses, a new player has emerged, challenging the dominance of tech giants like Meta and Snap. Even Realities, a three-year-old Shenzhen-headquartered startup, has raised $150 million in a pre-Series B round led by Meituan and previous backer Tencent, valuing the startup at $1 billion.
Founded by ex-Apple engineers in 2023, Even Realities has quickly gained momentum, launching its first product, Even G1, in 2024 as the lightest waveguide smart glasses on the market. The company’s latest flagship, Even G2, has skipped the camera entirely, instead using a heads-up display built into the frames to feed information to the wearer, controlled by a companion ring, the Even R1.
At the heart of Even’s approach is a commitment to user privacy. The company’s CEO, Will Wang, emphasizes the importance of designing both the hardware and software with privacy in mind. Smart glasses, he notes, are the most personal computing device people will ever wear, and as such, they must feel comfortable to both the wearer and those around them.
Even’s power users lean hard on Conversate, a copilot that reads a conversation in real-time, explaining unfamiliar jargon or feeding follow-ups on the fly, then syncing a summary to their phone. The company has invested most heavily in optics (the display and overall optical performance), which Wang says is what separates smart glasses from other consumer electronics.
Even has developed a proprietary optical technology called Even HAO, or Holistic Adaptive Optics, an end-to-end design that integrates the microchip, waveguide, and prescription support from the start, rather than combining components designed separately. The company’s focus on optics has paid off, with more than half of its users sitting in the U.S. and the bulk of its developer community also based in the country.
Despite manufacturing in China, Even doesn’t sell in the country yet, with its main markets being the U.S., Japan, South Korea, the Middle East, and Europe. The company’s frames retail for $599 before tax, with prescription lenses or the ring adding another $200-$300, pushing the average order to roughly $1,000. Even sells near the top of the category on price and still moves real volume, making it a profitable player in the space.
Most of Even’s customers are male professionals between 30 and 50 years old, with about a third of its users being company executives. The company’s CEO, Will Wang, notes that Even’s users are likely to be individuals who value comfort and convenience, as well as those who are looking for a more discreet computing experience.
In terms of growth, Even has swelled from 30-40 staff in 2024 to 300-400 today. The company’s latest funding round has valued it at $1 billion, a significant milestone for a startup that has only been in operation for three years.
As the market for smart glasses continues to grow, Even Realities is well-positioned to take on the likes of Meta and Snap. With its focus on user privacy and its commitment to developing high-quality, comfortable products, the company is likely to remain a major player in the space for years to come.
