Since 2025, with the development of Micro LED technology and the gradual expansion of its market applications, the capital market's enthusiasm for this cutting-edge field has continued to rise. According to incomplete statistics, 15 domestic and foreign companies in the industry chain have completed financing rounds, totaling 16 deals.
Capital continues to flow into all aspects of the industry, from chip R&D to end-user applications . This year, domestic companies such as Thunderbird Innovation, JBD, Yibei Technology, Novis Technology, Yingmu Technology, Digital Optical Core, and Yanshan Technology, as well as overseas companies such as Mojo Vision, VueReal, and Hyperlume, have successively announced the completion of financing, jointly promoting the Micro LED industry into a faster development stage.
Diverse Financing Rounds Covering the Entire Development Cycle of Enterprises <br /> This year's financing rounds span various stages, from seed to C++, demonstrating the capital market's continued attention and support for Micro LED technology development at all stages, as well as its continued support for the expansion of mature companies. For example, Thunderbird Innovations has entered its C++ round, and VueReal of Canada has entered its C round.
Thunderbird Innovation completed its C++ round of financing in August this year, bringing the company's total financing to approximately 10 rounds, with investors including TCL. In May, the company released its flagship AR glasses, the Thunderbird X3 Pro, which utilizes binocular full-color Micro LED waveguide display technology. Regarding production capacity, the first phase of its XR device R&D and manufacturing headquarters is expected to go into production this year, with an annual capacity of 1 million units after reaching full production.
VueReal, a Canadian Micro LED manufacturer, completed a $40.5 million Series C funding round in February. Its core MicroSolid Printing™ technology enables efficient mass transfer of Micro LED chips, increasing yield and reducing defect rates. This funding will be used to expand the mass production scale of Micro LED lighting and displays.
Meanwhile, companies such as JBD, Yingmu Technology, Puzhao Materials, Yibei Technology, Digital Optical Core, Novis Technology, Mojo Vision (USA), and XPANCEO (Dubai) have also entered the critical development stage from Series A to Series B funding.
Significant Financing Scale, with Investments Reaching Hundreds of Millions of Yuan Becoming Commonplace <br /> In terms of funding, companies such as Yibei Technology, Yanshan Technology, Yingmu Technology, Dubai-based XPANCEO, Puzhao Materials, US-based Mojo Vision, and Canadian company VueReal have secured investments exceeding 100 million yuan. Among them, Dubai-based XPANCEO received the highest amount, reaching US$250 million (approximately 1.8 billion yuan).
XPANCEO, an AR smart contact lens developer, completed its Series A funding round in July, valuing the company at $1.35 billion. The funds will be used for research and development of the world's first fully functional smart contact lens, product design, and team building. Last October, it also partnered with JBD to develop ultra-thin, comfortable AR smart contact lenses integrating a Micro LED microdisplay.
Capital investment extends across the entire industry chain . From an industry chain perspective, the companies receiving funding are involved in multiple segments, including Micro LED chips, display technology, microdisplays, materials, equipment, and terminal applications, covering the entire ecosystem from core component R&D to terminal applications.
In the chip sector, companies such as Norvision Technology, Digital Optical Chip, and Yanshan Technology have successively secured funding, leveraging their capital and technological advantages to seize market share in popular sectors such as AR/VR, automotive displays, and micro-projection.
Digital LED has completed a tens of millions of yuan Series A+ financing round. It has three major focuses in the field of Micro LED: in AR glasses, it has launched a 0.12-inch 480P driver chip and developed full-resolution products; in automotive lighting, it has developed digital headlights, welcome lights, HUDs and other products; and in projection display, it has achieved the first launch of a 4K Micro LED projection chip and prototype.
Novis Technology completed its Series A strategic financing in June this year, with the investor being Boao Group. In terms of production capacity, the first phase of Novis Technology's Micro LED microdisplay chip mass production line officially went into operation in March this year. The chips produced on this line will be used in AR/MR wearable devices, micro-projection systems, HUDs, digital automotive lighting, and other fields.
Yanshan Technology has completed a Pre-A round of financing of nearly 100 million yuan, which will be used for the R&D and mass production line construction of vertically stacked full-color Micro LED products. The company provides AR glasses, micro-projection modules, and chips for commercial displays, TVs, watches, and transparent screens. In January of this year, the company signed a cooperation agreement with Deqing, Huzhou, Zhejiang Province, to develop high-density full-color AR/VR Micro LED chips.
In terms of display technology, Chipscreen Semiconductor completed a pre-A round of financing worth tens of millions of yuan in August this year. The company's wafer-level hybrid bonding technology is in the advancement stage and is expected to be applied to head-mounted displays, automotive lighting and projection in the future.
In April of this year, Swedish company Polar Light Technologies completed a financing round of over 20 million yuan. It has developed pyramid-structured Micro LED and high-precision chip bonding technology, targeting high-end markets such as AR, HUD and HMD.
Canadian company VueReal covers markets such as consumer electronics, automotive, and AR microdisplays through its core MicroSolid Printing™ technology and related display solutions. Hyperlume focuses on optical interconnect technology, using ultra-high-speed Micro LEDs and high-efficiency driving ASICs to achieve near-laser-like effects at a lower cost.
On the equipment manufacturer side, Yibei Technology focuses on Micro LED inspection equipment. Established for five years, it has completed five rounds of financing, with its latest A+ round raising hundreds of millions of RMB. The company's products cover the entire front-end process from substrate epitaxy to MIP modules. Its core equipment includes light-emitting defect detection, substrate/epitaxy inspection, and AOI defect inspection, and has been adopted by domestic chip manufacturers, transfer plants, and panel manufacturers.
In the field of microdisplays, JBD completed its Series B+ and Series B financing rounds this year. The Series B+ funding will primarily be used for Micro LED microdisplay technology R&D, capacity expansion, talent acquisition, and ecosystem cooperation. Its business focuses on the AR field, and there are currently nearly 50 smart glasses products on the market using JBD Micro LED microdisplay technology.
In September of this year, the American company Mojo Vision completed its latest financing. The company mainly develops Micro LED microdisplays and related display platforms. Initially focusing on Micro LED contact lenses, it has now expanded to applications such as AI smart glasses and automotive HUD displays. It has launched a "wafer-in, wafer-out" technology platform.
In terms of end-user applications, financing activities are concentrated in the AR glasses sector, with companies such as Thunderbird Innovation, ShadowVision, and Dubai-based XPANCEO securing funding. ShadowVision, in particular, has completed six rounds of financing, with its latest B2 round exceeding 150 million yuan, which will be used for product development, AI capability building, supply chain expansion, and the implementation of offline experience scenarios.
summary
In 2025, capital activity in the Micro LED sector continued to rise, with both startups in the technological development stage and established companies moving towards mass production and market expansion receiving support from the capital market. Driven by applications such as AR/VR and smart cars, the commercialization of Micro LED technology is accelerating.
To grasp this trend, industry exchange and insights are particularly important. On October 30th, our subsidiary and TrendForce Display will jointly host the 2025 Self-Emitting Display Industry Seminar in Shenzhen. At the seminar, senior analysts and industry experts will conduct in-depth analysis of Micro LED technology, applications, current status, and development trends, and discuss new opportunities and challenges with industry peers.
