News | ReaVis Wins the
2025-10-31
Introduction
Hardcore learned that ReaVis recently completed a Series B financing round worth tens of millions of RMB, led by Lanpu Capital. The company will continue to deepen its Parallel Vector Ghost-image Free Technology (PV Technology), promoting the advancement of automotive displays toward low-cost, multi-scenario普惠化 (inclusive application) .
(The following article is sourced from Hardcore, authored by Ou Xue and typeset by Pan Yingshi.)
Hardcore learned that AR display technology company ReaVis recently completed a Series B financing round worth tens of millions of RMB. Here are the key highlights of this round and the company:
Financing Round: Series B
Amount: Tens of millions of RMB
Lead Investor: Lanpu Capital
Use of Funds: Primarily to deepen R&D of the Parallel Vector Ghost-image Free Technology (PV Technology), expand laboratory and production line scale, and accelerate the large-scale application of HUD in multiple scenarios .
Historical Financing: Cumulative financing has exceeded 100 million RMB .
Founded: 2021
Registered Address: Nanjing, China
Technology Focus: ReaVis primarily focuses on Head-Up Display (HUD) systems for vehicles, building a full range of products covering from basic display to immersive interaction .
The company is the first in the industry to systematically propose the vision of "HUD for All". Its core breakthrough—the self-developed Parallel Vector Ghost-image Free Technology (PV Technology)—enables high-quality, ghost-free projection on ordinary windshield glass, completely eliminating the industry’s reliance on high-cost wedge-shaped films. This breakthrough expands HUD’s application boundaries to passenger cars, commercial vehicles, and rail transportation, and even extends beyond vehicles to form a cross-domain smart display ecosystem spanning transportation, industrial, public, and consumer terminals .
HUD Schematic: Compatible with ordinary windshields, no customized wedge-shaped film required (Image source/Company)
ReaVis has established a clear technology roadmap:
W-HUD/AR-HUD (Mass-Produced): Based on PV Technology, it achieves clear and stable display on ordinary windshields, with strong compatibility and low-cost advantages.
Multi-Focal 3D AR-HUD (In Development): Utilizes single-optic multi-depth imaging to enhance AR alignment accuracy, reduce visual fatigue, and improve the driving experience.
Digital Holographic 3D AR-HUD (In R&D): Based on phase LCoS holographic optics, it enables real-time full-color 3D imaging and continuous zoom, creating a next-generation immersive cockpit display .
AR-HUD Application Scenario: Adapts to various windshield tilt angles, thicknesses, and curvatures (Image source/Company)
The Chinese HUD market is in a phase of rapid growth, with HUD configurations mainly concentrated in high-end models.
Data from Gaogong Intelligent Automotive Research Institute shows that from January to September this year, 375 models of passenger vehicles sold in China came standard with HUD, a 21.75% increase year-on-year. Among them, the number of AR HUD models grew by 45.78% .
According to CINNO Research, the penetration rate of HUD in China’s passenger vehicle market is expected to reach about 17% in 2025, with the standard installation rate for AR-HUD at 6%. From 2025 to 2030, the compound annual growth rates for standard installations of HUD and AR-HUD in China are projected to be 14% and 30%, respectively .
ReaVis has maintained an annual growth rate of 30%-40% in recent years and is expected to achieve self-sufficiency by the end of 2026 .
In market expansion, the company has secured mass production定点 (designated projects) from several automakers for wedge-shaped-film-free HUDs, with mass production and scaling set for 2026. Additionally, ReaVis has formed a strategic partnership with Japan’s Nippon Seiki (the global HUD market share leader) to promote the application of PV technology and expand domestic and international markets .
The core technical team hails from the University of Cambridge’s Optics Laboratory, with extensive expertise in optical display technology.
Founder and CEO Deng Yuanbo completed systematic studies in optics from his master’s to postdoctoral research at Cambridge, accumulating substantial industry product R&D experience.
The underlying PV Technology is based on Deng’s research at Cambridge. In 2019, he founded Reavis Limited in Cambridge based on this breakthrough technology, which was subsequently systematically reported by the University of Cambridge for its value.
In 2021, Deng led the core team and mature technology patents back to China, establishing the company in Nanjing Jiangbei New Zone’s Cambridge University Nanjing Science and Innovation Center, adopting a dual-core驱动模式 (driving mode) of "Cambridge R&D, Chinese Smart Manufacturing". The company now has R&D centers in Nanjing, Cambridge, and Shanghai, and a highly automated production line in Xingtai, Hebei .
Hardcore: What is the core commercial value of the Parallel Vector Ghost-image Free Technology (PV Technology)?
Deng Yuanbo: PV Technology is a key support under the company’s goal of "HUD for All." It gives HUD greater universality, reducing its dependence on customized windshield glass. Whether in terms of cost reduction or optimization of the development process, it creates significant value for customers. At the same time, this technology allows different types of vehicles to install HUD, truly achieving HUD technology democratization .
Hardcore: How does ReaVis maintain competitiveness amid price wars in the domestic HUD market?
Deng Yuanbo: We do not participate in the involution of homogeneous products. Our strategy is to adhere to technological innovation, creating differentiated value through innovation. The essence of involution is high homogeneity and overcapacity. From the company’s perspective, developing homogeneous products might be a business model that can be quickly replicated and gain market share in the short term. However, in the long run, it inevitably leads to卷入价格战 (being caught in price wars), volume operations, continuous investment, and eventual overcapacity. Simultaneously, path dependence and the resulting culture can further stifle innovation. The path of innovation is difficult, involving significant investment, long cycles, and high uncertainty, while also facing various doubts and challenges. Nonetheless, ReaVis will remain rooted in innovation, maintaining the stamina for innovation and providing the market with differentiated innovative products. This is ReaVis’s core competitiveness .
Hardcore: If the gross margin of related hardware is too low, what is the company’s long-term profit model?
Deng Yuanbo: We are exploring diversified models. First, ensuring that our HUDs do not incur losses after cost reduction through technology. More importantly, we have begun technology licensing. By licensing our PV Technology to partners, we can generate profits from licensing projects. This will be a very important profit point in the future .
Lanpu Capital stated: "We are optimistic about the key role of HUD in the smart automotive industry chain. The ReaVis team, with its profound optical accumulation originating from Cambridge and its original Parallel Vector Ghost-image Free Technology, accurately addresses the industry’s core pain points in cost and experience popularization."
