24.10.2022 - Healthcare, Photonics & Smart materials

Lightspace Technologies starts producing multifocal augmented reality glasses

The Latvian 3D photonics and optical solutions startup Lightspace Technologies has launched the production of its iG1050 multifocal augmented reality glasses in small batches. The glasses are specifically designed for surgeons to use in the operating theatre. The company has delivered the first products to its partners, developers of augmented reality applications and methods in healthcare.

Among the first customers are two global medical technology companies with a significant international market share.

The company previously predicted that within 10 years these glasses would become a consumer product as easy to use as optical glasses. To achieve this, the technology is to be licensed to a larger company, wrote Labs of Latvia.

Lightspace Technologies has completed the European Union (EU) Horizon 2020 research and innovation support programme project “Next Generation Enhanced Augmented Reality 3D Glasses for medical education, pre-procedural planning, intra-procedural visualization, and patient rehabilitation” (NGEAR 3D). This project received 2.25 million euros in EU grant funding.

Continuing to attract funding

In Q3, the company managed to raise additional funding of 0.6 million euros from the local business angel network. The investment will continue to finance the production and delivery of the company’s products. The names of the investors are not disclosed under the terms of the agreement.

In May, Lightspace Technologies raised another 750,000 euros from business angels, existing shareholders and the investment fund Ardelta, Labs of Latvia wrote. In October 2021, Lightspace Technologies raised an 800,000 euro convertible investment loan from Estonian and Danish business angels and existing shareholders. This amount was later increased to 1.25 million euros.

Last December, Lightspace Technologies signed a 2.2 million head-mounted display supply contract with a major industrial customer for deliveries in 2022, Labs of Latvia wrote.

On the way to the stock exchange

In March, Lightspace Technologies started the process to become a publicly listed company in North America on the TSX Venture Exchange in Toronto, Labs of Latvia wrote. The decision was made after evaluating strategic development opportunities and taking into account the difficult investment climate in the region. The process is expected to attract at least 10 million euros of private investment.

Lightspace Techologies is an associate of HansaMatrix. HansaMatrix, through its subsidiary Lightspace Holding AS, owns a non-controlling 53.4% stake in the company.

Source: Anda Asere (labsoflatvia.com). Publicity photo.

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