The Venture Codex

Led · Series A · Jan 2015

Meta builds augmented-reality headsets (the Meta headset/glasses) and the software platform that runs on them. The company pursues a vertically integrated approach, combining custom hardware with computer vision, machine-learning and neuroscience-based interface design to enable gesture-controlled virtual elements overlaid on real environments. Meta says it is developing apps and the next-generation Meta 3 headset and plans to expand into new markets such as China. The company has an R&D operation in Israel and is based in Redwood City; its founders hail from Israel. Financially, Meta raised a $50 million Series B in this round (the round began as $40M and expanded) and counts strategic backers including Lenovo, Tencent, Banyan Capital, Comcast Ventures and GQY. Filing documents point to a post-money valuation of up to about $307 million for this latest round, depending on share issuance. Meta develops holographic augmented-reality glasses that let users see, create and interact with digital objects in physical space. The company shipped the Meta 1 Developer Kit after a June 2013 Kickstarter campaign that raised $194k. Coupled with independent funding, the Kickstarter brought pre-Series A funding to a total of $2 million by the end of the campaign. Meta provides an SDK that more than 1,500 developers and companies, including Arup, Salesforce and SimX, are using to build augmented-reality applications. Leadership includes CEO Meron Gribetz, CSO Prof. Steve Mann, and Prof. Steve Feiner. Meta builds augmented reality glasses that combine optical display, imaging and miniature-computer technology to enable users to create virtual objects and 3D-printed prototypes using hand gestures. The company announced devices priced at $667k with shipping starting in January. Meta was led by CEO and founder Meron Gribetz alongside Steve Feiner, a Computer Science professor at Columbia University. The company was part of Y Combinator’s Summer 2013 class (YC S13) and is currently hiring. Meta raised funding from Fenox Venture Capital, though the amount and instrument were not disclosed in the article.