VTT Ventures has supported a $13.7m series A round for the institute's spinout Dispelix, which is working on see-through displays.
Dispelix, a Finland-based augmented reality technology spinout of VTT Technical Research Centre of Finland, raised €12m ($13.7m) in a series A round on Friday backed by the research institute’s investment arm VTT Ventures.
3M Ventures, the corporate venturing subsidiary of manufacturing conglomerate 3M, also contributed to the round, as did government-owned investment company Finnish Industry Investment, VC firm Lifeline Ventures and an undisclosed investor.
Founded in 2015, Dispelix has developed ultra-thin augmented reality see-through displays for use in industrial applications and mass-market consumer products. The technology can be integrated into eyewear and is capable of projecting full colour images.
Dispelix was co-founded by chief executive Antti Sunnari, chief technology officer Juuso Olkkonen and chairman Jyrki Saarinen.
The spinout noted its technology was now ready for mass production and was currently being embedded into a range of consumer products to be announced next year. It did not specify further what it intends to do with the series A capital.
Dispelix previously obtained $1.9m in seed funding from VTT Ventures and Lifeline Ventures in 2016.
