×
You will be redirected back to your article in seconds

AR Glasses Maker ODG Raises $58 Million Led by 21st Century Fox

Osterhout Design Group, which expects to launch new augmented-reality smartglasses for the consumer market in January, announced that it has closed $58 million in Series A funding led by principal investor 21st Century Fox.

Others contributing to ODG’s financing round include China’s Shenzhen O-film Tech Co. Ltd., Vanfund Urban Investment & Development Co. Ltd. and individual investors. 21st Century Fox had previously announced that a deal to acquire a minority stake in ODG.

The San Francisco-based company said will use the funds to accelerate its existing production capabilities, slating a launch for new products at the 2017 Consumer Electronics Show in Las Vegas in January.

Osterhout Design Group was founded in 1999 as a technology incubator and now has about 80 employees. The privately held company has heretofore developed products for the U.S. military and enterprise customers in various markets, and is now looking to expand into the consumer segment.

“We carefully picked investment partners who not only share ODG’s product vision and growth strategy, but also have the reputation and reach to expand ODG’s global presence and market recognition,” ODG CEO Ralph Osterhout said in a statement.

The company’s competitors in the AR space include Microsoft’s HoloLens; Meta, whose backers include Comcast and China’s Tencent; and Magic Leap, which has raised nearly $1.4 billion from investors including Warner Bros., Google, Alibaba Group and Legendary Entertainment.

ODG’s existing R-7 Smartglasses — designed for industrial use — cost a cool $2,750 a pair. The devices feature ultra-transparent HD 3D stereoscopic displays and on-board GPS navigation. The company says it has been shipping smartglasses to specialized customers since 2011.

Moelis & Company LLC acted as financial adviser to ODG in connection with the funding.

More Digital

  • Missing Link Laika Studios

    ‘Missing Link’ Again Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the TV ad measurement and attribution company iSpot.tv, Annapurna Pictures claims the top spot in spending for the second week in a row with “Missing Link.” Ads placed for the animated film had an estimated media value of $5.91 million through Sunday for [...]

  • Sirius Logo

    SiriusXM Unveils $8 Essential Plan for Consumers Without Cars

    SiriusXM wants to cater consumers without cars, or cars without compatible stereos, with a new $8 plan for mobile and in-home listening. Dubbed SiriusXM Essential, the plan offers access to 200+ channels featuring the network’s entire music programming, as well comedy, news and select sports channels. Consumers will be able to test the new plan [...]

  • Mueller Report Book Editions Top Amazon's

    Mueller Report Book Editions Shoot to Top of Best-Seller Lists at Amazon, Barnes & Noble

    Robert Mueller is now a best-selling author. Book publishers’ forthcoming editions of the special counsel’s report zoomed to the top of the Amazon’s and Barnes & Noble’s lists of book best-sellers Friday. That comes a day after the report was publicly released, culminating the nearly two-year investigation into Russian interference in the 2016 U.S. election [...]

  • Marques Brownlee - Retro Tech

    YouTube Orders Marques Brownlee 'Retro Tech' Original Series

    YouTube has turned to one of its homegrown stars — technology vlogger Marques Brownlee, aka “MKBHD” — for its newest original series. The video platform has greenlit series “Retro Tech” featuring Brownlee, in which he’ll unbox and review vintage technology products that have defined pop culture. The show, slated to debut in December 2019, follows [...]

  • Netflix Tests Random Episode Button in

    Netflix Starts Testing Random Episode Button

    Netflix is testing a button to play random episodes of select TV shows, the company confirmed Friday morning. “We are testing the ability for members to play a random episode from different TV series on the Android mobile app,” a Netflix spokesperson told Variety. “These tests typically vary in length of time and by region, [...]

  • Netflix Our Planet Sophie Darlington

    Netflix's 'Our Planet' Roars to Life With Work by Top Wildlife Cinematographers

    In terms of scope, production time and — very likely — budget, Netflix’s “Our Planet” is one of the most ambitious projects from the streaming service to date. Narrated by David Attenborough and made available worldwide on April 5, the goal of the eight-part series is to capture diverse habitats across the globe and highlight [...]

More From Our Brands

Access exclusive content