Even Realities, the Shenzen, China-based smart glasses company, has officially secured unicorn status with its most recent Pre-B financing round, bringing the company $150 million and a $1 billion valuation.

The development of Even Realities' next-generation smart glasses platform, the strengthening of AI integration, and the expansion of international operations are reportedly the main goals of the round, which was spearheaded by Meituan and Tencent.

The company's total funding now stands at $159 million after the most recent round; its initial $9 million Series CDH Investments, Cyanhill Capital, and China Growth Capital were among the investors in one round.

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Even Realities, which was founded in 2023 by former Apple developers, has set itself apart from many rivals by emphasizing smart eyewear with displays rather than gadgets with cameras.

Will Wang, the firm's founder and CEO, told TechCrunch that the company prioritizes user privacy while aiming to deliver information immediately within the wearer's range of vision. Wang used to work on the iPhone and Apple Watch.

Several well-known Chinese technology backers, including Sequoia China, were among the company's initial investors. In 2024, Even introduced its debut product, the Even G1.

In November of last year, the Even G2, its most recent model, was unveiled. The device lacks a camera, in contrast to several competing smart eyewear. Rather, it is controlled by a companion smart ring and has an integrated heads-up display that enables users to browse features with taps and swipes. The company's approach to privacy is reflected in the decision to leave out a camera.

Prescription lenses and the companion ring raise the average purchase price to about $1,000. The company's smart glasses start at $599 before taxes.