Even Realities has reached a $1 billion valuation with a camera-free, display-first smart glasses model, as the company expands in the US and bets on optics, information display and privacy.
Even Realities has raised $150 million in a pre-Series B funding round led by Meituan and existing investor Tencent, valuing the smart glasses company at $1 billion.
The three-year-old Shenzhen company is taking a markedly different route through a buoyant market filled with cameras, AI assistants and spatial computing platforms.
Even G2 has no camera or speakers. Instead, the glasses use a heads-up display for information including navigation, translation, notifications, teleprompting and AI prompts, with the optional R1 smart ring providing another way to control them.
CEO Will Wang said the company has passed its original target of 10,000 sales, grown from around 30 to 40 employees in 2024 to between 300 and 400 today, and is profitable.
More than half of Even’s users are in the US, its fastest-growing market. Wang also said most customers are male professionals aged between 30 and 50, with an internal survey finding that around a third are company executives.
Smart Glasses Are Becoming Several Different Products
The phrase “smart glasses” is being asked to cover an increasingly broad range of hardware.
Ray-Ban Meta Gen 2 combines cameras, audio and Meta AI, with 3K video capture among its headline upgrades. Snap’s SPECS go considerably further into augmented reality, combining see-through displays, spatial applications and AI assistance.
Even G2 is built around lightweight access to information.
The camera-free glasses show text and prompts directly in the user’s view, while Even has put much of its engineering work into optics, prescription support and making the hardware look closer to normal eyewear.
Wang said:
Smart glasses are the first product category to rely on optical displays, which require an entirely different technology stack; you have to design the microchip, the optics, and the waveguide together. That’s where we’ve invested the most
The G2 starts at $599. Prescription lenses and the R1 ring can take an average order to around $1,000, according to Wang.
A $1 billion valuation for a company selling camera-free glasses suggests investors see room beyond the camera-led AI wearable model. Even still has plenty to prove against companies with far larger consumer ecosystems, but its product strategy is now backed by substantial capital and a growing customer base.
Professional Use Is Already Part of the Product
Even Realities doesn’t currently sell the G2 as an enterprise deployment platform.
There are no public fleet-management tools, business admin controls or wider enterprise deployment programme comparable with platforms and devices built specifically for managed workplace rollouts.
However, professional use still runs through the customer base and product roadmap.
The G2 is built around keeping information in view without pulling the wearer out of the moment. Speakers can use Teleprompt for notes, Translate can display live translations, while Conversate adds transcription, summaries and contextual prompts. Even’s website also highlights investor and author Duncan Clark using the glasses during live television interviews to check market information and prompts without breaking eye contact.
The company’s recent Terminal Mode update pushes further into specialist professional workflows.
Terminal Mode lets developers monitor AI coding agents through the G2 display, see when sessions are blocked or waiting, approve actions and provide voice instructions while the main workload continues on a computer. Even has also added Codex support to the feature.
Even describes Terminal Mode as its first mode designed around a specific type of work. The company has also discussed applying similar interaction ideas to writers, researchers and creators who supervise AI agents while away from a desk.
Camera-free glasses could also face fewer objections in offices, meetings and other environments where wearable cameras are difficult to justify. Even itself has promoted display-first glasses for meetings, teleprompting and discreet text assistance.
However, removing the camera doesn’t remove every privacy concern. The G2 still uses microphones, while transcription and conversation assistance create their own questions around consent, data handling and company policy.
Even Realities now has $150 million more to develop its hardware, software, AI and international reach.
The company has reached unicorn status without following Meta down the camera-first route or Snap into full spatial AR. In a market still working out what people will actually and keep on their faces, Even’s is betting there’s a large market for smart glasses that put information in front of the wearer without adding cameras into the mix.
Image and video: Even realities
