According to data from Tianyancha, Shenzhen Yiwen Technology Co., Ltd. (Even Realities)—a smart eyewear manufacturer—announced on July 6 the completion of a Pre-B funding round raising $150 million (approximately RMB 1.02 billion). Investors participating in the round included Meituan Longzhu, Meituan’s strategic investment arm, and Tencent Investment. The company stated that the proceeds would be fully dedicated to the R&D of next-generation eyewear hardware platforms, the deep integration of AI capabilities, global market expansion, and the continuous iteration of existing product lines.

Notably, following this funding round, Even Realities’ valuation has surpassed $1 billion, officially placing it among the ranks of global unicorn companies.

Public records indicate that Yiwen Technology was officially established in 2023 and boasts a founding team with impressive credentials. Founder Wang Xiaoyi joined Apple after completing his master's degree, working on the Apple Watch project; he was responsible for manufacturing design, which included sourcing suitable materials, processes, and equipment, as well as providing contract manufacturers with detailed manufacturing methods and specifications regarding performance and quality.

In 2018, Wang joined Anker to work on accessory partnerships for Apple Stores, helping products pass Apple’s rigorous testing standards. He subsequently joined OPPO to gain expertise in marketing.

He later joined JMGO (Jian Guo Projection) as Chief Product Officer (CPO), overseeing product development, R&D, and marketing; there, he spearheaded an internal venture and successfully executed the entire process from product definition to market sales.

Wang founded Yiwen Technology in 2023. Key team members include CTO Ouyang Jian, who previously led the optical and camera module design for multiple generations of iPhone main cameras; Chief Designer Hu Dan, a former member of the Philips Design Council who contributed to the design of early Shokz (formerly AfterShokz) products; and other professionals from eyewear brands such as LINDBERG and MYKITA.

In 2024, the company launched its first product, the G1 smart glasses. Featuring a lightweight optical waveguide solution, the G1 was hailed as the lightest mass-produced smart glasses of its time. The brand has since advanced to its second-generation flagship model, the G2 smart glasses.

In less than three years since its inception, Yiwen Technology has completed multiple funding rounds, attracting investment from top-tier institutions such as Sequoia China, CDH Investments, Aier Eye Hospital, and Qingshan Capital.

Data from the *2026–2027 White Paper on Trends in China's AI Glasses Industry*, recently released by iiMedia Research, indicates that the global smart glasses market was valued at $12.58 billion in 2025 and is projected to reach $138.73 billion by 2029, demonstrating robust market potential.

The AI glasses market has experienced explosive growth since 2025, driven by a technological turning point, the entry of major tech companies, and the accelerated implementation of use cases. Analysts at iiMedia Research note that the industry has long been constrained by issues such as excessive weight, limited battery life, and weak computing power, which hindered user experience and large-scale adoption. However, with optimizations in key areas—including optical display, structural design, and chip integration—technological development is now focusing on hardware lightweighting, software optimization, and enhanced user experiences, thereby clearing the path for large-scale market adoption.

iiMedia Research analysts state that as technological bottlenecks are overcome, AI glasses are poised to become a new generation of personal smart devices—combining portability, intelligence, and contextual adaptability—that integrate deeply into users' daily work and lives.

In recent years, manufacturers have launched a diverse range of AI glasses, including audio-based models, camera-equipped versions, and AR glasses; ecosystem giants such as Alibaba, Meta, and Huawei have leveraged their respective strengths to secure early market positions.

Huatai Securities believes that AI glasses are emerging as a key hardware gateway for the era of AI agents. As large language models evolve from "passive response" to "proactive execution," AI glasses are expected to upgrade from simple information-prompting tools into sensory gateways that allow AI agents to perceive the world. The global AI glasses market is currently at a critical juncture, transitioning from "display-less" models to those featuring integrated displays.

The evolution of AI glasses toward greater intelligence can be categorized into three stages: L1—Passive Answering (users initiate commands); L2—Intent Understanding and Proactive Suggestion (devices perceive the context and offer recommendations); and L3—External Tool Invocation and Multi-step Task Completion (agents independently execute complex tasks).

Huatai Securities believes that the majority of current products are in the transition phase from L1 to L2. In terms of hardware form factors, traffic entry points are gradually evolving from PCs, smartphones, and AR/VR devices to smart electric vehicles and robots; as AI hardware platforms that closely align with natural human interaction, smart glasses are poised to become the next core traffic entry point following smartphones. The 2026–2027 period will be critical for the transition from L1 to L2, with the initial maturation of L3 products expected after 2028.

Source: Securities Times Online | Author: Wang Jun