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Osterhout closes $58 million funding for smart glass technology
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Osterhout Design Group, a leading developer and manufacturer of mobile augmented reality/virtual reality smart glasses, announced the closing of a $58 million Series A funding round in a press release.
The company said it will use the funds to accelerate its existing production capabilities, complete its new products to be introduced in 2017, expand its patent portfolio and grow its team worldwide.
“For 8 years, we’ve taken a very systematic approach to designing and refining our smart glasses for specific applications from the U.S. government, industry and enterprise customers in a wide variety of markets, and that will not change,” CEO Ralph Osterhout, said in the release. “We carefully picked investment partners who not only share Osterhout Design Group’s (ODG’s) product vision and growth strategy, but also have the reputation and reach to expand ODG’s global presence and market recognition.”
The funding round will help to form the largest category of smart glasses worldwide, Osterhout said.
ODG is based in San Francisco and was founded in 1999 as a technology incubator. Today the company said it focuses on revolutionizing wearable technologies.