Even Realities has raised $150M at a $1B valuation, making the Shenzhen-based smart glasses maker the latest unicorn in a category that Meta currently dominates with nearly 70% market share. But the company is taking a notably different approach: no camera.

The Even G2 glasses use a heads-up display built into the lenses for notifications, calendar details, translations, teleprompter text, and AI-generated conversation help. A companion smart ring, the Even R1, lets users tap and scroll without touching the frame. The company says the camera-free design makes the glasses less awkward for people around the wearer — a deliberate bet that privacy will matter as smart glasses move from early adopters into offices and public spaces.

Backed by Meituan, Tencent, and former Sequoia China, Even Realities was founded in 2023 by former Apple engineers. More than half of its users are in the US, and around 80% of its developer community is also American — making it a Chinese-funded company competing directly in Meta’s strongest market.

Global smart glasses shipments hit 2.25 million units in Q1 2026, up 167% year over year. Even Realities is not alone among Chinese challengers: Alibaba has shown Quark AI glasses, Rokid is valued at roughly $2.58B, and TCL-incubated RayNeo is also in the race.

Source: Mixed News and Mixed News