Alibaba Group Invests in WayRay, a Developer of AR-Enabled Car Navigation And Infotainment System
WayRay Announces Strategic Partnership with Banma Invested By Alibaba and SAIC to Develop New AR-enabled Car Navigation and Infotainment System. (Image: WayRay)
WayRay, a Swiss developer of a holographic augmented reality (AR) technology for internet-connected cars, today announced that it has entered into a partnership with Banma Technologies to develop a new AR car navigation and infotainment system.
WayRay also announced that it has closed its Series B financing round which had come from existing investors as well Alibaba Group.
Over the past 4 years, WayRay has used US$10 million of its own funds as well as Angel and Series A venture capital, to create a patented technology for transparent holographic displays. This technology is the basis for Navion - WayRay’s first AR navigation system.
Banma Technologies is an independent startup invested in by Alibaba Group and China’s automaker SAIC Motor, dedicated to making developments in internet-connected cars.
WayRay will work closely with this consortium to create an advanced AR HMI that integrates augmented reality navigation, driving assistant notifications, a virtual dashboard, and more. The new system will be built into one of Banma’s 2018 car models, turning it into the world’s first vehicle in production with a holographic AR head-up display (HUD).
"At the moment, WayRay is the world’s only developer that integrates augmented reality systems into cars. It gives us an advantage over traditional HUDs and provides the opportunity to collaborate with the largest global car brands.” said Vitaly Ponomarev, founder and CEO of WayRay.
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