Shenzhen Startup Even Realities Raises $150M for Privacy-First Smart Glasses

Even Realities, a Shenzhen-based startup founded in 2023 by former Apple engineers, has raised $150 million in a pre-Series B funding round led by Meituan and Tencent, valuing the company at $1 billion. The firm focuses on smart glasses that prioritize display technology and user privacy over camera integration.

Founder and CEO Will Wang explained that while competitors emphasize camera-equipped devices designed for content capture and AI functions, Even Realities bets on glasses that project information directly into the wearer’s field of vision without compromising privacy. The company’s earlier investors include prominent Chinese firms such as Hillhouse, Sequoia China, and Northern Light Venture Capital.

Even Realities launched its first product, the G1 smart glasses, in 2024. Wang described them as the lightest waveguide smart glasses available at the time. The company exceeded its initial sales target of 10,000 units and became the first in its category to sell over 10,000 pairs. Staff numbers grew from 30–40 in 2024 to between 300 and 400 today.

The startup introduced its latest model, the G2, in November last year. This version omits the camera entirely, instead featuring a heads-up display integrated into the frames. Users control the device via the Even R1 companion ring, which supports tap and swipe gestures for navigation.

Wang emphasized that removing the camera aligns with Even’s privacy principles, but it is only one aspect of their approach. He stated that smart glasses are likely the most personal computing devices people will wear, as they remain on the face throughout the day. Therefore, privacy considerations are embedded in both hardware and software design. For example, voice features like translation convert audio into text without storing recordings, user data is encrypted, and the infrastructure complies with Europe’s stringent privacy regulations.

Among Even’s advanced features is Conversate, a copilot tool that monitors conversations in real time, clarifying jargon and suggesting follow-up questions, then syncing summaries to the user’s phone.

Optical technology remains Even’s primary focus. Wang noted that unlike phones or watches, which use conventional OLED or LCD screens, smart glasses depend on optical displays requiring a unique technology stack. This necessitates integrated design of microchips, optics, and waveguides, which has been the company’s main investment area.

The company developed proprietary technology called Even HAO (Holistic Adaptive Optics), an end-to-end system that integrates microchip, waveguide, and prescription support from the outset rather than combining separately designed components.

More than half of Even’s users are based in the United States, which is also home to the majority of its developer community. Although manufacturing occurs in China across multiple factories, the company does not yet sell there. Its primary markets include the U.S., Japan, South Korea, the Middle East, and Europe. Wang said the demand in these regions is substantial, and the company aims to be well-prepared before entering the Chinese market.

Even Realities positions its products near the high end of the market but maintains significant sales volume, making it profitable. Wang reported that most customers are male professionals aged 30 to 50, with about one-third being company executives according to a survey. The glasses retail at $599 before tax, with prescription lenses or the companion ring adding $200 to $300, resulting in an average order value close to $1,000.