Porsche joins WayRay as strategic lead investor in the current advanced financing round (Series C). The total amount of the financing round is USD 80 million (EUR 69 million). WayRay currently employs approximately 250 people. In addition to its headquarters in Zurich, WayRay has offices in Russia, China and the USA. In addition, a production site in Germany is planned for 2019. Compared to conventional head-up displays on the market, WayRay offers a much smaller projection system that can be installed in any vehicle, regardless of the interior design. The technology is currently being tested not only for drivers, but also for passengers. It also has potential for new concepts in the context of highly automated driving. Porsche aims to continuously expand its range of digital services. WayRay's technology also offers the option of displaying these services visually in the windscreen.
In addition to Hyundai Motor, JVC-Kenwood and various funds, Porsche acquires shares in WayRay and thus positions itself alongside investors such as Alibaba. The cooperation between WayRay and Porsche originated within the framework of the innovation platform "Startup Autobahn" and is now being strategically continued in order to actively promote the future technology and its applications for the automotive industry. WayRay is working with several manufacturers to develop the fields of application of the technology.
"The WayRay team has a unique technical expertise with sound backgrounds in space, hardware and software development. It has been shown that WayRay's innovative ideas and products have enormous potential. We are convinced that we will be able to offer our customers typical Porsche solutions on this basis in the future. That's why we decided to make a strategic investment," says Lutz Meschke, Deputy Chairman of the Board of Management and Chief Financial Officer of Porsche.