"RayViz" Closes Tens of Millions of RMB in Series B Funding to Drive HUD for All Technology Revolution | Linear Portfolio

AR display technology company ReaVis recently announced the completion of a Series B funding round worth tens of millions of RMB, primarily to deepen R&D of its "Parallel Vector Ghost-image Free Technology" (PV technology), expand its laboratory and production line capacity, and accelerate the scaled deployment of HUD across multiple scenarios.

Founded in 2021, ReaVis's core technical team originated from the University of Cambridge's optics laboratory, with a primary focus on automotive head-up display (HUD) systems. The company has built a comprehensive product matrix spanning from basic displays to immersive interactions.

Linear Capital was the lead investor in ReaVis's angel round, and subsequently doubled down in follow-on rounds.

On December 2, AR display technology company ReaVis announced the completion of a Series B funding round worth tens of millions of RMB. This round was led by Lanpu Capital, with proceeds earmarked for deepening R&D of "Parallel Vector Ghost-image Free Technology" (RV Parallel Vector Ghost-image Free Technology, abbreviated as PV technology), expanding laboratory and production line capacity, and accelerating the scaled deployment of HUD across multiple scenarios.

ReaVis was founded in 2021, with a primary focus on automotive head-up display (HUD) systems, and has built a comprehensive product matrix spanning from basic displays to immersive interactions. ReaVis's core technical team originated from the University of Cambridge's optics laboratory, bringing deep technical expertise in optical display. The company's founder and CEO, Yuanbo Deng, completed a systematic education in optics from master's through postdoctoral studies at Cambridge, complemented by product development experience in industry.

ReaVis's underlying technology — Parallel Vector Ghost-image Free Technology — is rooted in founder Yuanbo Deng's research during his time at Cambridge. In 2019, based on this breakthrough technology, he founded Reavis Limited in Cambridge, whose technical merits were subsequently featured in a dedicated report by the university. In 2021, Deng led the core team and mature technology patents back to China, establishing a dual-engine model of "Cambridge R&D, China manufacturing." Today, the company has established R&D centers in Nanjing, Cambridge, and Shanghai, and built a highly automated production line in Xingtai, Hebei.

The company is the first in the industry to systematically propose the "HUD for All" vision, using its self-developed Parallel Vector Ghost-image Free Technology (PV technology) as a core breakthrough to achieve high-quality ghost-image-free projection on ordinary windshield glass, completely eliminating the industry's dependence on costly "wedge film," and broadening application boundaries across passenger vehicles, commercial vehicles, and rail transit. This breakthrough is not only applicable to transportation but extends HUD from automotive to all scenarios, ultimately forming an intelligent display ecosystem spanning transportation, industrial, public, and consumer applications.

HUD usage diagram: compatible with standard windshields, no custom wedge film required

In terms of product strategy, the company has established a clear technology evolution roadmap:

First, W-HUD/AR-HUD (already in mass production): based on PV technology, achieving clear, stable display on ordinary windshields, with strong compatibility and low-cost advantages;

Second, multi-focal-plane 3D AR-HUD (in development): through single-light-engine multi-depth imaging, improving AR registration accuracy, alleviating visual fatigue, and enhancing the driving experience;

Third, digital holographic 3D AR-HUD (in pre-R&D): based on phase LCoS holographic light engines, enabling real-time full-color 3D images with continuous zoom, creating the next-generation immersive cockpit display.

AR-HUD usage scenarios: compatible with various windshield tilt angles, thicknesses, and curvatures

Currently, China's HUD market is in a rapid growth phase, with HUD configurations concentrated primarily in premium vehicle models. According to monitoring data from Gaogong Intelligent Automotive Research Institute, from January to September this year, 375 passenger vehicle models sold in China came standard with HUD, a year-on-year increase of 21.75%; among these, AR HUD model counts surged even more dramatically at 45.78% year-on-year growth.

A report published by CINNO Research forecasts that by 2025, HUD penetration in China's passenger vehicle market will reach approximately 17%, with AR-HUD standard configuration at 6%. From 2025 to 2030, the compound annual growth rates for standard HUD and AR-HUD installations in China are projected at 14% and 30%, respectively.

According to sources, ReaVis currently generates annual revenue in the tens of millions of RMB, with annual growth rates maintained in the 30%-40% range in recent years, and is positioned to achieve self-sufficiency by the end of 2026.

On market expansion, the company has already secured mass production designations for wedge-film-free systems from multiple automakers, with volume production scheduled for 2026. At the same time, the company has established a strategic partnership with Nippon Seiki, the global market share leader in HUD, actively promoting PV technology application and market development both domestically and internationally.

The following is a rapid-fire Q&A between ReaVis founder and CEO Yuanbo Deng and 36Kr:

36Kr: What is the core commercial value of Parallel Vector Ghost-image Free Technology (PV technology)?

Yuanbo Deng: PV technology is a critical technical pillar supporting our corporate mission of "HUD for All." It enables HUD to be more universally applicable, reducing dependence on customized windshield glass. Whether in terms of cost reduction or development process optimization, it creates substantial value for customers. At the same time, this technology allows different types of vehicles to install HUD, truly democratizing HUD technology.

36Kr: With China's HUD market caught in a price war, how does ReaVis maintain competitiveness?

Yuanbo Deng: We don't participate in the involution of homogeneous products. Our strategy is to persist in technological innovation and create differentiated value through innovation. The essence of involution is extreme homogenization and excess capacity. From the company's perspective, developing homogeneous products might seem like a quick path to replication and market access in the short term; but in the long run, it inevitably leads to price wars, operational attrition, continuous investment, and ultimately excess capacity. Meanwhile, path dependence and the culture that forms around it further stifle innovation. The path of innovation is difficult — large investments, long cycles, high uncertainty, and constant skepticism and challenges. Even so, ReaVis will remain anchored in innovation, maintaining the resolve to innovate and providing the market with differentiated, innovative products that are actually needed. This is ReaVis's core competitiveness.

36Kr: If hardware gross margins are too low, what is the company's long-term profit model?

Yuanbo Deng: We are exploring diversified models. First, ensuring our HUD itself is not loss-making after technology-driven cost reduction. More importantly, we have begun technology licensing. By licensing our PV technology to partners, we can generate profits on licensed projects. This will be a very important profit driver going forward.