Metaways (Hongxi Technology) completed nearly 500 million yuan in Series A financing and is one of the few enterprises in the world to achieve mass production of 12-inch silicon-based OLED. | Early-stage project

Author | Zhang Ziyi

Editor | Yuan Silai

36Kr has learned that Metaways, a silicon-based micro-display manufacturer, has completed a nearly 500 million yuan Series A financing round. This round of financing is invested by institutions such as Anhui Province Smart Home Appliance and Furniture Industry Fund and Guoxin Venture Capital. The funds will be mainly used for the expansion of the 12-inch silicon-based OLED production line, R&D investment, and team expansion. The company plans to set up a wholly-owned subsidiary in Chuzhou, Anhui Province to further expand production capacity.

Metaways was established in July 2019 and is a national high-tech enterprise. The company focuses on the R&D and production of silicon-based OLED micro-displays, and its products have a wide range of downstream applications, which can be applied to AI + VR/AR/MR smart head-mounted display devices, viewfinders of mirrorless cameras, etc.

36Kr understands that Metaways' core advantage lies in its fully independent IC design capability and in-depth cooperation with well-known wafer manufacturers. At present, a 12-inch silicon-based OLED mass production line has been built, and only 4 enterprises in the country have achieved mass production of 12-inch silicon-based OLED production lines. Currently, the company has the technical R&D and iteration capabilities of the core process links related to silicon-based OLED production, which can ensure the mass production yield level.

Due to consumers' high price sensitivity to smart head-mounted display devices, in the VR and MR markets, traditional LCDs occupy more than 80% of the market share.

The new change is that Apple's Vision Pro is the first to use a silicon-based OLED micro-display in the VR/MR field. This device not only lays the foundation for users' perception of VR/MR devices, but also becomes a benchmark in the industry due to its pioneering use of silicon-based OLED display technology. Subsequently, many manufacturers have successively launched related products based on silicon-based OLED technology.

According to the survey of TrendForce, the application proportion of silicon-based OLED micro-displays in the AR market will reach 54% in 2024. After analyzing from aspects such as cost structure, market, and technical maturity, TrendForce believes that silicon-based OLED micro-displays are currently the only display technology that can span AR/VR/MR.

According to Metaways, in terms of future product planning, the company will achieve an all-industry application layout of silicon-based OLED micro-displays. Currently, the company's first 12-inch production line started construction in 2020 and entered the commercial mass production stage in 2023.

As of 2023, Metaways has achieved small-batch mass production of silicon-based OLED micro-display products such as 0.6-inch (full color), 0.7-inch (full HD), and 1.33-inch (4K).

Metaways' current customers cover AR/VR/MR terminal manufacturers and optical module suppliers. In addition to R&D and production of silicon-based OLEDs, Metaways also has technical reserves in Micro LED.