The Osterhout Design Group has finished its first fundraising round, picking up $58 million to develop its line of augmented and virtual reality glasses, the company said.
ODG is an interesting company. Its roots are in military heads-up displays, and it first hit the media radar in 2014 when it sold a pack of patents to Microsoft for a reported $150 million. So while the funding round announced today is company’s first, it’s not like it was operating out of the founder’s pocket before that. In 2015, ODG showed and started selling the R7 AR goggle, a very advanced and rugged binocular goggle for the enterprise market, with dual 720p displays running at 60fps.
The money, the company said in a statement, would go toward increasing production capacity, hiring people, and completing new products, which will be introduced next month at CES.