11:00am PT by Carolyn Giardina
Virtual and Augmented Reality Firm Osterhout Design Group Raises $58 Million
Osterhout Design Group, a San Francisco-based developer of augmented and virtual reality smartglasses, has closed a $58 million Series A funding round.
Shenzhen O-film Tech Co., Vanfund Urban Investment & Development Co. and several individual investors participated in the round alongside principal outside investor and strategic partner 21st Century Fox.
ODG reported that it intends to use the funding to accelerate its production capabilities and complete new products that it plans to introduce next month at CES.
"For eight years, we've taken a very systematic approach to designing and refining our smartglasses for specific applications from the U.S. government, industry and enterprise customers in a wide variety of markets, and that will not change," said Ralph Osterhout, CEO of ODG.
Osterhout added: "People are realizing the potential for mass adoption of high-end mobile devices with the power to transform and simplify their lives. This funding round, our first ever, ensures we are well positioned to introduce our latest designs at CES."