(Yicai) Oct. 27 -- Chinese MicroLED display manufacturer JBD has raised more than CNY1 billion (USD140 million) in a Series B2 funding round, setting a new record for single financing in the global MicroLED industry.

The funding round was co-led by Shanghai-based investment firm Chaos Investment Group and Citic Goldstone, the private equity arm of Citic Securities, with participation from several other institutions, including existing shareholder Lightspeed China Partners, the Shanghai-headquartered startup announced today.

Proceeds will go toward accelerating JBD’s technological innovation and product iteration in MicroLED displays and building a consumer-grade augmented reality ecosystem with industry partners. The goal is to convert JBD’s technological edge and commercialization experience into large-scale global manufacturing capabilities, it said.

JBD completed a Series B1 round in August, raising several hundred million yuan from investors including Chaos Investment and Shanghai Sci-Tech Innovation Center Capital.

Founded in 2015, JBD focuses on MicroLED display technology used in high-resolution applications such as head-mounted displays and automotive screens. Its products have been adopted in nearly 50 smart glasses models, per the company.

With the rapid progress of artificial intelligence, the integration of AI and AR is accelerating, driving strong growth in consumer-grade smart glasses. As the core display technology for AR, MicroLED will play a crucial role in bringing smart glasses to the mass market, JBD noted.

Global shipments of smart glasses reached 4.1 million units in the first half of this year, up 64 percent from a year earlier, according to market research firm IDC. Chinese manufacturers accounted for about 27 percent of the market.

IDC projects global shipments to exceed 40 million units by 2029, with China’s smart glasses market growing at a 56 percent compound annual rate from 2024 to 2029 -- the fastest in the world.

Editor: Emmi Laine