36Kr Exclusive | Leading the Productization and Implementation of Full-Color AR Microdisplays, Saufeels Completes a RMB 300 Million Series C Financing

Author: Ou Xue

Editor: Yuan Silai

Yingke learned that Saifuluosi, an AR display technology company, recently completed a 300 million yuan Series C financing. The investors in this round include several institutions such as Xi'an Xigao Investment Starry Sky Investment Fund, Wuxi Liangxi Science and Technology Innovation Industry Investment Phase II Fund, Anhui Jin'an Industry Guidance Fund, Shanghai Jiliuling Shanhaisongjin Venture Capital Fund, Xi'an Caixin Longmen Growth Equity Investment Partnership, and Xi'an Talent Development Fund. The funds will be mainly used to accelerate the mass production and delivery of full - color micro - displays for AR.

Saifuluosi was founded in 2017. It is an optoelectronic semiconductor company that emerged from the Yale University laboratory. Based on a number of original technologies, the company focuses on the Micro - LED display track, constructs a product matrix covering two major scenarios of AR micro - display and XR large - screen, and continuously promotes large - scale commercialization.

In terms of the team, Chen Chen, the founder and CEO of the company, holds a bachelor's degree in mechanical engineering from Tsinghua University, a post - doctoral degree from Harvard University, and an MBA from Yale University. He once led the 0 - to - 1 product development at Schlumberger, the world's largest oilfield technology service company. Song Jie, the co - founder and CTO, has long been focused on compound semiconductor materials and device processes and has nearly 20 years of R & D experience.

Different from the single - point technology breakthrough path commonly relied on in the industry, Saifuluosi has constructed a full - chain technology system from epitaxial materials, chip manufacturing to optoelectronic integration. Relying on self - developed pillar technologies such as large - size silicon - based bonding, epitaxial growth, and quantum dot color conversion, the company has formed a complete technology platform and industrialization capabilities. At present, the company's first 6 - inch silicon - based Micro - LED production line has achieved mass production, and the construction of a 12 - inch production line is also being promoted simultaneously.

In the AR application field, the current mainstream AR glasses in the market are still mainly monochromatic, and full - colorization has always been the core challenge in the industry. Integrating red, green, and blue colors on a single chip is one of the key bottlenecks restricting the development of AR glasses.

Based on original technologies, Saifuluosi has achieved in - situ quantum dot color conversion on large - size silicon - based Micro - LEDs, fundamentally avoiding problems such as low red - light efficiency, poor consistency, and low yield in traditional solutions. Combined with the full - color reflective optical solution, its single - chip full - color screen has significant advantages in terms of volume, performance, cost, and mass - producibility.

Chen Chen, the CEO of the company, said, "With the Meta Ray - ban Display full - color glasses promoting the large - scale implementation of the reflective optical solution, the efficiency of full - color waveguides has increased from about 1000 nits/lm to 5000 nits/lm. This change has significantly reduced the brightness requirement of AR micro - displays, from the original one million nits to less than 200,000 nits. Terminal products are accelerating their introduction, and there are even several waveguide AR glasses products equipped with full - color Micro - OLEDs."

"This trend has greatly promoted the popularization of single - chip full - color Micro - LED micro - displays." It is reported that compared with full - color Micro - OLEDs, the T3 - 0.13 product of Saifuluosi has about a 5 - fold increase in efficiency and more than a 10 - fold increase in brightness. It has increased the actual use brightness from less than 1000 nits to about 5000 nits, meeting the needs of outdoor portable AR glasses.

Actual shooting of the T3 full - color screen (Source: the company)

In the field of XR large - screen display, Saifuluosi pioneered the quantum dot COB direct - view screen and led the formulation of the first industry standard for photoluminescent quantum dot direct - view displays. The company's products have been shipped in batches and serve nearly 40 enterprises globally.

Schematic diagram of the QD - COB display (Source: the company)

In terms of the manufacturing model, Saifuluosi adopts a lighter - asset model of "core self - research + contract manufacturing". It conducts R & D and small - scale production through its own production line and cooperates with compound semiconductor wafer foundries for large - scale manufacturing. The company currently has a 6 - inch silicon - based micro - display production line and a cooperative contract manufacturing factory in Xi'an, with a comprehensive annual production capacity of more than 5 million micro - displays.

In terms of performance, Saifuluosi reached a commercialization inflection point in 2025. The company began mass shipments in April of that year, with monthly sales exceeding 10 million yuan in May and approaching 100 million yuan for the whole year. It is expected that the overall revenue in 2026 will reach about 300 million yuan, and the growth will mainly come from the customer introduction and mass production of AR micro - displays.

Next, Chen Chen revealed that the company will focus on three aspects of work: First, continuously improve the color, refresh rate, and resolution of full - color micro - displays to optimize the display performance of full - color AR glasses; Second, promote the application of Micro - LEDs in the field of optical communication. Relying on the characteristics of its high - speed light source materials, it is expected to reduce the power consumption to less than 5% in AI data center transmission; Third, continuously strengthen the delivery capacity of AR micro - displays to meet the growing needs of terminal customers.

"Although the implementation of original technologies has a long cycle and high difficulty, once it succeeds, the explosive power is extremely strong." Chen Chen said that Saifuluosi hopes to encourage more enterprises to adhere to originality, tackle tough problems, and achieve a 0 - to - 1 breakthrough through its own practice.

Views of investors:

GGV Capital believes: As display technologies continue to evolve towards the trends of near - eye and high - definition, Micro - LED, as an emerging technology route in the display field, has great potential in the fields of XR and large - screens in the future. Saifuluosi has made significant breakthroughs on the road to Micro - LED commercialization with its original NPQD technology. It is believed that under the leadership of the founding team, Saifuluosi is expected to continue to lead industry innovation, and we look forward to the company making greater breakthroughs in the future.

Boyuan Capital believes: Display technologies continue to develop towards thinner, lighter, and higher - resolution. Micro - LED is the ultimate display route. Currently, Micro - LED is rapidly commercializing in the large - screen field and is also the optimal solution for AR/VR in the micro - display field. It has extremely strong explosive potential in the future, and the overall investment value is prominent. Saifuluosi has a R & D team with scarce technical capabilities, combining R & D, large - scale mass production, and business operation experience. Among multiple Micro - LED technology paths, its original large - size silicon - based bonding and quantum dot technologies with high differentiation and scarcity can achieve single - screen full - color without a complex stacked structure, and its commercialization in large - screens and micro - displays has been verified. At present, the progress of customers is rapid. Along with the wave of explosive growth of end - side hardware brought by AI this time, the company has reached an inflection point for performance growth. Boyuan Capital firmly believes that Saifuluosi will fully enjoy the development opportunities of the new - generation display terminals and grow into a next - generation display giant.