Israeli augmented reality firm Lumus raises 15 million dollars

TEL AVIV (Reuters) - Lumus, a developer of technology for augmented reality, said on Wednesday it has received $15 million of funding led by Chinese investment group Shanda along with Zhejiang Crystal-Optech Co, 002273.SZ a Chinese photo-electric component manufacturer.

Lumus will use the funding to scale up production of its optical technology for the consumer market.

The augmented and mixed reality market is predicted to grow to $80 billion by 2022, according to research firm MarketsandMarkets.

Consumer electronics and smart-eyewear manufacturers use Lumus for the underlying optical technology in their see-through wearable displays.

Lumus’ technology consists of a unique eyeglass lens that contains an array of ultra-thin transparent reflectors and a patented mini-projector that injects an image into the lens.

Reporting by Tova Cohen