The smart glasses market is quickly becoming one of the most competitive segments in AI hardware, but not every company is pursuing the same vision.
Shenzhen-based startup Even Realities has raised $150 million in a pre-Series B funding round led by Meituan, with participation from existing investor Tencent, giving the company a $1 billion valuation.
Founded in 2023 by former Apple engineers, Even is positioning itself as an alternative to camera-equipped smart glasses by focusing on workplace productivity, privacy and optical display technology.
While companies including Meta and Snap have centred their latest devices around AI assistants, cameras and augmented reality experiences, Even Realities has deliberately taken a different approach.
Celebrating the funding milestone on LinkedIn, Even Realities said the $1 billion valuation marked its transition into unicorn status, highlighting the growing adoption of its display-first smart glasses among professionals and users in demanding real-world environments.
“From public speaking at TED to real-time translation at national championships, our users wear our product from 8 to 10 hours daily, for the moments that matter.”
The company said its growth has been driven by a focus on design and user-led product development, positioning its glasses as a productivity tool rather than a consumer device built around content capture.
Its flagship Even G2 smart glasses do not include a camera. Instead, they use an integrated heads-up display to project information directly into the wearer's field of view, while navigation is handled through the companion Even R1 smart ring using tap and swipe gestures.
According to founder and CEO Will Wang, the omission of a camera is a deliberate product decision designed around privacy and comfort.
That philosophy could prove particularly relevant for enterprise deployments, where privacy concerns have consistently been cited as a barrier to wider adoption of wearable AI devices.
By removing the camera entirely, Even avoids many of the concerns associated with recording-enabled smart glasses in workplaces such as boardrooms, healthcare environments and customer meetings.
Productivity Before Content
Rather than focusing on capturing photos or video, Even has built its software around productivity.
One of the company's flagship features is Conversate, an AI assistant that provides contextual support during conversations by explaining unfamiliar terminology, surfacing relevant information and suggesting follow-up questions in real time. After meetings, the system generates a summary that synchronises with the user's smartphone.
The company says voice interactions are transcribed into text rather than stored as audio recordings, while user data is encrypted and the platform has been designed to comply with European privacy requirements.
