InZiv, an extended reality (XR) display inspection and repair firm, raised roughly $10 million on Tuesday in a Series A1 funding round to enable the company to match global growth initiatives, following a sharp increase in demand from the US and Asia.
The company incorporates nano-optical technology to inspect microLED, QLED, and OLED displays at a sub-micron scale, enabling engineers to detect light and colour defects pixels wide.
The funding also helps the Jerusalem-based company accelerate the production of fast electroluminescence and photoluminescence-based automated repair solutions.
Singapore-based venture capital fund BlueRed Partners, a technology firm supporting Israeli growth to match Asian XR demands, led the Series A1 fundraiser. Additionally, OurCrowd assisted with further Series A1 investments.
As part of the announcement, InViz revealed it had hired Yishai Klein, Managing Partner and Co-Founder of BlueRed Partners, and Itzhak Edrei, President Emeritus of Tower Semiconductor, to the company’s Board of Directors.
Yishai Klein added,
“InZiv has already made a name for itself in the next-generation display industry and counts some of the world’s leading companies among its customers. We are especially excited to help InZiv in this next chapter of growth as the company expands into the Asian market, which is such a critical part of the display industry”
XR Display Manufacturers to Watch
The announcement comes as global demand for efficient XR displays has grown as consumer and enterprise use cases continue to expand.
InZiv Founder and CEO of InZiv, David Lewis, added.
“The microLED market is expected to exceed $21 billion by 2027, with CAPEX alone growing to $8 billion over the coming years. It has been exciting to see just how quickly the market has responded to our unique nano-optical solutions, with leading manufacturers among our growing customer base”
On Monday, waveguide display manufacturer Dispelix and Avagent announced a strategic partnership to develop augmented reality (AR), nanotech-enhanced smart glasses.
Additionally, last week Vuereal secured $14.4 million in a Series B funding round to accelerate its microLED production for XR smart glasses and headsets.
In March, MojoVision introduced a breakthrough lightweight AR display the size of a contact lens that includes eye-tracking and eye-controlled navigation technology. Prior to this, microOLED startup Porotech secured in February this year roughly $20 million for experimental display components.
Alternatively, major XR firms are developing unique display technology to get ahead of the rising competition. Apple is working with TSMC to produce OLED displays for upcoming Apple XR devices, including smart glasses, and is developing a 4K microLED display for its forthcoming MR headset.