Avegant announced today that the company closed $12M in Series AA funding from new investors Walden SKT Venture Fund and China Walden Venture Investments III, L.P., as well as previous investors.

Ed Tang, CEO of Avegant, said, "The consumer AR industry faces significant challenges developing displays that are high resolution, small form factor, large field-of-view, light field, and low power. The industry is excited about our unique solutions to these technical challenges, which will enable previously impossible AR experiences."

Earlier this year, Avegant focused its operations on its next generation display technologies which are targeted for the consumer market. Avegant's current research builds on its industry-first light field technologies and the high resolution, low latency, and high brightness retinal displays first used in Avegant's Video Headset.

According to Dr. Om Nalamasu, President of Applied Ventures and Chief Technology Officer of Applied Materials, "Applied is excited to use its materials engineering technologies to enable new inflections like AR/VR, which require advanced displays, high-performance computing and lots of memory. We are working with Avegant to accelerate the development of their light field technology to create compelling AR applications."

"Many companies are trying to solve multiple, very difficult technical problems to bring AR experiences to consumers," said Andrew Kau, Managing Director of Walden International. "We chose to invest in Avegant because their solutions elegantly tackle these problems in creative ways that consider human factors without losing sight of manufacturability."

About WaldenÂ-Â- International:

Walden International is a leading international venture capital firm that has provided investors access to cross-border, IT opportunities with the advantage of an unrivaled pan-Asia network since 1987. The firm's funds total US$2.6 billion in committed capital. Walden International has invested in over 500 companies in 12 countries, with in excess of 100 IPOs on 15 Stock Exchanges and more than 70 M&A exits.

About Applied Ventures:

Applied Ventures, LLC, the venture capital arm of Applied Materials, invests in early-stage technology companies that demonstrate the capabilities to deliver high growth and exceptional returns. Applied Ventures has invested in over 80 companies globally across many areas including semiconductors, advanced displays, AR/ VR, AI, advanced manufacturing, life sciences, energy technologies and advanced materials.

About Avegant

Avegant is a well-funded, venture-backed technology company developing next-generation display technology to enable previously impossible augmented reality experiences. The company uses its deep scientific understanding of human sight and head-mounted display ergonomics together with its consumer electronics manufacturing experience to develop displays that enable realistic AR experiences for consumers. Avegant's Light Field Technology enables a compelling, up-close, hands-on AR experience, and its Consumer AR Display Technology makes these experiences possible in a consumer wearable AR device. For more information visit avegant.com or follow Avegant on Facebook, LinkedIn and Twitter.