Even Realities, a Shenzhen-based startup specializing in smart glasses, has secured $150 million in a pre-Series B funding round led by Meituan and Tencent, elevating its valuation to $1 billion. Founded in 2023 by former Apple engineers, including CEO Will Wang, the company focuses on developing display-centric smart glasses that prioritize user privacy by omitting cameras.
The company’s inaugural product, the G1, launched in 2024, was recognized as the lightest waveguide smart glasses available at that time. Surpassing initial expectations, Even Realities sold over 10,000 units, marking a significant milestone in the smart glasses market. This success facilitated rapid growth, expanding the team from approximately 30-40 employees in 2024 to between 300-400 currently.
In November 2025, Even Realities introduced its latest model, the G2, which features a heads-up display integrated into the frames and is operated via a companion device, the Even R1 ring. This design choice underscores the company’s commitment to privacy, as the G2 lacks a camera, addressing concerns associated with wearable technology.
Emphasizing the importance of optics in smart glasses, Even Realities has invested heavily in developing proprietary technology known as Holistic Adaptive Optics (HAO). This approach integrates the microchip, waveguide, and prescription support from the outset, ensuring optimal performance and user experience.
Currently, over half of Even Realities’ user base is located in the United States, which also hosts the majority of its developer community. Despite manufacturing operations in China, the company has yet to enter the Chinese market, focusing instead on regions such as the U.S., Japan, South Korea, the Middle East, and Europe.
Priced at $599 before tax, with additional costs for prescription lenses or the companion ring, the average purchase totals around $1,000. The primary customer demographic consists of male professionals aged 30 to 50, including a significant proportion of company executives.
Even Realities’ recent funding and valuation highlight the growing interest and investment in the smart glasses sector. By prioritizing privacy and optical performance, the company differentiates itself from competitors focusing on camera-equipped devices. As the market for wearable technology continues to expand, Even Realities’ unique approach positions it as a noteworthy player to watch.
