Y Combinator is a startup accelerator that invests in a large number of startups twice a year. It created a new model for funding startups. Twice a year, the company invests a small amount of money ($150k) in a large number of startups. The startup accelerator works intensively with the companies for three months, to get them into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day when the startups present their companies to a carefully selected, invite-only audience.

Y Combinator

Makers Fund is a global interactive entertainment venture capital firm focused on early stage investments. The team supports founders through an extensive network and deep experience in the industry.

Makers Fund

dune ventures: we back generational founders shaping games and technology.

Dune Ventures

Ramen VR

Ramen VR is transforming game development with XR and AI tools and is also known for creating the bestselling VR game “Zenith: Nexus”.

Ramen VR is a game development studio focused on creating cross-platform VR games. The company’s offering includes Zenith, an anime and JRPG-inspired VR massively multiplayer online game. Users can explore multiple worlds, engage in PvP and PvE combat, craft items and build houses, complete quests and earn in-game apparel and other rewards. In <a href="https://sp-edge.com/updates/31477">July 2024</a>, Ramen VR announced the halt of new content development for Zenith given its lack of profitability. Past moves to revive the company’s position included launching a free-to-play model for the game in February 2024, named Zenith: Nexus.

Technologies bringing about a new reality

Extended Reality

Ramen VR builds Zenith: The Last City at the intersection of MMOs and VR

Ramen VR is a game development studio focused on creating cross-platform VR games. The company’s offering includes Zenith, an anime and JRPG-inspired VR massively multiplayer online game. Users can explore multiple worlds, engage in PvP and PvE combat, craft items and build houses, complete quests and earn in-game apparel and other rewards.Zenith was ranked as one of the top-selling VR games on Steam for 2022 and was also ranked among the 20 most popular premium VR titles on the Quest Store (March 2022). In February 2023, Zenith was available to purchase for the PSVR 2 and carried a one-time purchase price of USD 30.In January 2024, the company revealed that it was operating at a loss across the past year, with concerns over the company’s future outlook. In a bid to revive the company’s position, it introduced a free-to-play model for the game in February 2024, named Zenith: Nexus. Additionally, a premium in-game currency “Zennies” will be launched later in 2024, allowing players to purchase seasonal content and cosmetic items.Key customers and partnershipsAs of January 2024, Zenith had over 10,000 user reviews across the Quest Store and Steam.Funding and financialsIn March 2022, the company raised USD 35 million in a Series B funding round co-led by Anthos and Dune. The funds were raised to expand its studio staff and further develop Zenith, with the company claiming that it was profitable at the time.

Ramen VR is a game development studio focused on creating cross-platform VR games. The company’s offering includes Zenith, an anime and JRPG-inspired VR massively multiplayer online game. Users can explore multiple worlds, engage in PvP and PvE combat, craft items and build houses, complete quests and earn in-game apparel and other rewards. In <a href="https://sp-edge.com/updates/31477">July 2024</a>, Ramen VR announced the halt of new content development for Zenith given its lack of profitability. Past moves to revive the company’s position included launching a free-to-play model for the game in February 2024, named Zenith: Nexus.Zenith was ranked as one of the top-selling VR games on Steam for 2022 and was also ranked among the 20 most popular premium VR titles on the Quest Store (March 2022). In February 2023, Zenith was available to purchase for the PSVR 2 and carried a one-time purchase price of USD 30.In January 2024, the company revealed that it was operating at a loss across the past year, with concerns over the company’s future outlook. In a bid to revive the company’s position, it introduced a free-to-play model for the game in February 2024, named Zenith: Nexus. Additionally, a premium in-game currency “Zennies” will be launched later in 2024, allowing players to purchase seasonal content and cosmetic items.Key customers and partnershipsAs of January 2024, Zenith had over 10,000 user reviews across the Quest Store and Steam.Funding and financialsIn March 2022, the company raised USD 35 million in a Series B funding round co-led by Anthos and Dune. The funds were raised to expand its studio staff and further develop Zenith, with the company claiming that it was profitable at the time.

Interplay Learning (Interplay) provides on-demand, interactive, and hands-on simulation learning courses for skilled trades, including HVAC, plumbing, electrical, solar, and facilities maintenance, through VR, mobile, and desktop applications. The learning courses also include simulated walkthrough videos where experts lead users through procedure guides methodically, with knowledge testing features and additional learning material such as wiring diagrams, equations, sample system configs, and charts at the end of each lesson. The platform also enables managers to track user progress.The company operates a subscription-based model with monthly packages for individuals (USD 54) and teams (USD 229), alongside a custom plan for larger organizations.In <a href="https://sp-edge.com/updates/33810">September 2024</a>, the company acquired Industrial Training International (ITI), enabling the company to provide immersive simulation training solutions for crane and rigging operations across various job sites.Key customers and partnershipsNotable customers include Tesla and Rheem Manufacturing. Interplay’s customer usage rose by 445% YoY in 2020. As of February 2021, the platform had over 2,000 customers and 110,000 users across the US.

Interplay Learning

Switzerland-based WayRay develops holographic AR technology and hardware for the automobile sector. Its technology is used in head-up displays (HUDs) that project images into a driver’s field of vision to assist with navigation. Although its initial focus was on developing HUDs that can be purchased and installed in any vehicle, it has since pivoted to producing embedded HUD systems (i.e., hardware built into vehicles). WayRay’s HUDs are considered to provide a wider field of vision and combine data (location and mapping information) with vision data to generate images by projecting a laser beam through a Picture Generating Unit (PGU) onto a Holographic Optical Element (HOE).&nbsp;In <a href="https://sp-edge.com/updates/18537">May 2023</a>, WayRay announced integration of its AR displays into Tesla Model 3's in Switzerland, with plans to follow shortly afterwards in the US. Previously, in September 2021 the company launched its deep reality system that replaces the traditional car dashboard. In addition, WayRay launched “The Holograktor” dubbed the first “metaverse on wheels”, which can be driven conventionally or using a remote control via a 5G and satellite connection (November 2021).&nbsp;The company’s founder and CEO, Vitaly Ponomarev, identified that its systems are more advanced, backed by more patents, and potentially 20x smaller than comparable devices in the market. WayRay’s HQ in Switzerland also acts as a product design and development hub, while its R&amp;D center and prototyping factory are based in Russia.&nbsp;Key customers and partnershipsThe company is backed by strategic investors such as luxury automaker Porsche, which highlighted the management’s expertise in space engineering, hardware, and software development as key reasons for its investment, Hyundai Motor Co., and Alibaba. It is also notable that these investors, particularly Hyundai, are looking at ways to potentially use WayRay’s technology to offer more services in the future. For instance, Hyundai believed that the technology could be used for smart cities and smart buildings, which are its new areas of interest.WayRay partnered with Karma Automotive, a producer of luxury electric vehicles, in December 2021 to support the implementation of its HUDs into their test fleet. Moreover, it partnered with a leader in designing and manufacturing specialty glass, AGP eGlass, in September 2021 to further proliferate its technology.&nbsp; Funding and financialsIt was reported in April 2021 that the company is considering a public listing at a USD 2 billion valuation via a SPAC, although no further updates on this have been announced as at January 2024.&nbsp;

WayRay

AmazeVR initially focused on developing VR technologies but pivoted to VR concerts in late 2019. The concerts are backed by proprietary 9K cameras and software that automate complex VR concert visual effects that run on more than 100 headsets simultaneously. Users join and hang out with other users as avatars while experiencing VR concerts. It intends to bring VR concerts by major artists to theaters and eventually, homes.AmazeVR rolled out its first commercial VR concert, which will feature 3x Grammy winner Megan Thee Stallion, in 2022. The artist is expected to tour select AMC Theaters across the US. It is also in the final stages of closing deals with its second and third artists. AmazeVR also revealed plans to release weekly content by 2024 in theaters and for at-home viewers.In <a href="https://sp-edge.com/updates/20145">July 2023</a>, AmazeVR launched its official AmazeVR Concerts app, featuring an exclusive VR concert from Swedish pop star, Zara Larsson. The app is available on major VR app stores, and the exclusive Zara Larsson VR concert can be accessed for a year at a launch price of USD 6.99. AmazeVR also produces and monetizes VR content on a subscription basis.As of August 2023, the company was in the process of producing and releasing mixed reality concerts by overlaying virtual elements onto live, real-world video.Funding and financialsThe company’s most recent funding was in <a href="https://sp-edge.com/updates/13338">September 2022</a>, when it raised USD 17 million in a Series B funding round led by Mirae Asset Capital. The fresh funds were allocated to expand partnerships with artists, artist management companies, labels, publishers, and agencies.

AmazeVR

Dispelix, based in Finland, designs and manufactures single-layer, full-color waveguide displays, a thin (about 1mm) transparent element that takes in a projected image and relays it to the eye, using a nanophotonics-based approach catering to AR applications (e.g., smart glasses). It uses laser beam scanning technology to render laser-sharp images with a gamut of color palettes, which are displayed using beam-combiner technology. Its patented and proprietary approach includes diffractive surface relief gratings, which are elements used for high-power laser applications, fabricated on high refractive index glass wafers that enhance field-of-view and image quality.The company had a total of more than 40 granted or pending patent families as of November 2021. Its product line, Dispelix DPX, includes Dispelix DPX - Ohut, Dispelix DPX - Selva, and Dispelix DPX - Sade with a varying degree of field of view, form factor, and weight. According to Co-Founder and CTO Juuso Olkkonen, its displays are the lightest and thinnest in the market.Key customers and partnerships 1) Collins Aerospace: to integrate Dispelix's advanced AR displays into Collins Aerospace's products (November 2024)2) Foxconn and Pegatron: to create reference designs for AR glasses based on its Selvä waveguide display (October 2023)&nbsp;3) VividQ: created a “waveguide combiner” which accurately displays variable-depth 3D content in a user’s environment (January 2023)4) ColorChip and Maradin: To further Light Beam Scanning (LBS) solutions for AR glasses (October 2022)5) Jade Bird Displays: To develop multiple reference designs for AR devices (June 2022)6) AAC Technologies: To improve waveguide displays for the AR and MR industry (March 2022)7) OQmented: for the development and commercialization of MEMS-based LBS technology (November 2021)8) Coretronic: To develop a range of AR optical module solutions (December 2020)9) Hoya Corporation: To improve quality of waveguide displays (November 2020)Funding and financialsIn its most recent funding round (November 2021), Dispelix raised USD 33 million in a Series B funding round co-led by Atlantic Bridge, CCB Trust, and Flashpoint with participation from Lifeline Ventures, VTT Ventures, and 3M Ventures. The funds were allocated to product development. It revealed that several OEM customers were slated to integrate its technology into their consumer offerings by 2023.&nbsp;

Dispelix

DigiLens is a developer of holographic waveguides, which is a clear, thin piece of glass or plastic, used for AR devices. In January 2023, the company launched ARGO, an XR smartglass designed for enterprise and industrial use, the first AR device to utilize Qualcomm’s SnapDragon XR2 platform. Other specifications included 6-degrees of freedom (6-DoF) tracking, a 30-degree field-of-view, spatial audio, a 48MP RGB camera, voice and gaze recognition, access to real-time data visualizations, and a 2,500-nits HD display.&nbsp;The company’s first product, the DigiLens Crystal was introduced in 2019, was a thin-film laser-etched photopolymer embedded with microscopic holograms of mirror-like optics. By projecting a micro display to one end of the lens and another set of optics working to guide the light wave toward the eye, this proved to be an ideal piece of hardware for AR devices, which are preferred with as little hardware as possible.&nbsp;It claims that its patented optical platform and photopolymer technology coupled with a holographic copy manufacturing process enable it to produce cheaper and more scalable solutions. In <a href="https://sp-edge.com/updates/17598">April 2023</a>, the company announced the launch of SRG+, a surface relief gratings product that improves upon its waveguide technology.The company generates revenue by licensing its technology across a range of industries including the automobile, enterprise, consumer, avionics, and military sectors. DigiLens also offers a white-label solution for automotive companies whereby it creates holographic waveguides for windshields that could offer in-cabin experiences for drivers.&nbsp;&nbsp; Key customers and partnershipsKey partnerships include that with1) Phantom Technologies: - Phantom Technology: To integrate Phantom's CASSI Spatial AI assistant into the DigiLens ARGO glasses, providing features such as spatial search, a contextual assistant, and task management using voice commands (October 2023)2) Wisear: To integrate its neural interface-powered earphones with the ARGO smart glasses (May 2023)3) Mojo Vision: To utilize Mojo Vision's micro-LED technology to build improved AR glasses (May 2023)4) Taqtile: To integrate the company's ARGO smart glasses with Taqtile's AR work platform, Manifest (May 2023)5) OMNIVISION: To develop new XR product offerings (January 2023)Other partnerships include that with OMNIVISION (January 2023), a leading global developer of semiconductor solutions to develop new XR product offerings. OMNIVISION’s liquid crystal on silicon (LCOS) panels allowed DigiLens to build LCOS/LED projectors optimized for its holographic waveguides. OMNIVISION's core camera technology provides DigiLens' devices with features such as visual odometry and six degrees of freedom.&nbsp;DigiLens also works with Taiwanese licensed waveguide manufacturer Young Optics, Chinese original design manufacturer and electronics supplier Malata, Korean display manufacturer Sekonix, international technology company Continental, Chinese optical elements manufacturer Crystal Optech, and Mitsubishi Chemical.&nbsp;Funding and financialsIn April 2022, DigiLens announced the second close of its Series D funding round (intiial close in November 2021) in which it raised USD 50 million at a valuation of USD 530 million. The funds were allocated for the development of DesignV1, its second-generation product.

DigiLens

Companies developing XR headsets and relevant sub-components (displays, sensors, and processors). Also includes complementary XR hardware (tracking devices, haptic vests, and gloves)

Companies offering engines that enable the development of AR/VR content, also includes companies offering capabilities to capture and create 3D images for immersive environments

Companies offering AR/VR solutions or toolkits for specific industry applications, including VR game developers

Companies offering location-based AR/VR experiences

AR/VR platforms offer remote assistance to field experts and headset manufacturers facilitate virtual work

Some solutions in the "content" segment are offered under a B2B SaaS model

Headsets and content segments provide the building blocks for the metaverse

AR, VR, and MR are the primary enabling technologies for the XR industry

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 The VR game development company, Ramen VR, has stopped creating new content for its MMORPG, Zenith, due to the game not being profitable. 
 In a YouTube video, the co-founders stated that while they will maintain the game's servers, their focus will move to new projects. They also stated that players who bought the in-game currency, known as zennies, will receive "valuable gifts" in an upcoming title, as opposed to refunds. 
</div> Analyst QuickTake: 
 In a <a href="https: 
//mixed-news.com/en/ramen-vr-operating-at-a-loss/"> previous </a> update, Ramen VR stated that it was operating at a loss throughout 2023. In a bid to revive game interest, the company introduced a free-to-play mode for Zenith in <a href="https: 
//sp-edge.com/updates/26260"> February 2024 </a> ; however, its efforts were unsuccessful.

Ramen VR

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