spatialcomputing.info

South Korean augmented reality startup LetinAR has raised $18.5 million in fresh funding ahead of its planned IPO next year, something the company says will help scale production and accelerate commercialization of its AR optics.

As first reported by TechCrunch, LetinAR’s latest round was led by Korea Development Bank and included participation from Lotte Ventures, the investment arm of retail conglomerate Lotte Group, alongside additional undisclosed investors.

The funding brings LetinAR’s total raise to approximately $41.7 million, with previous investors including LG Electronics.

Founded in 2016 by CEO Jaehyeok Kim and CTO Jeonghun Ha, LetinAR develops compact optical modules for AR and smart glasses. Its proprietary ‘PinTILT’ technology is designed to deliver brighter images in thinner, lighter, and more power-efficient lenses than conventional waveguide or birdbath optics systems.

“We see AI glasses as that next platform,” Kim said, speaking to TechCrunch. “And the optical module is the hardest part to get right as AI glasses makers will need a lens that is thinner, lighter, and more power-efficient than what exists today.”

Notably, the company doesn’t manufacture complete AR or smart glasses, instead focusing on the sort of optical engines already in use with a few early collaborations, including NTT QONOQ Devices and Dynabook, formerly Toshiba Client Solutions.

The startup also said it’s engaged in R&D discussions with several major global tech companies regarding next-gen smart glasses platforms, with one such partner including Aegis Rider, a spinout from ETH Zurich Computer Vision Lab developing AI-powered augmented reality motorcycle helmets.

The funding round comes amid accelerating investment across the smart glasses sector. Companies including Meta, Google, Samsung, Apple, Huawei, Alibaba Group, and Xiaomi are all working on display-clad glasses of some sort.

The company plans to pursue a public listing in South Korea in 2027.