Guangna Siwei Raises Nearly 200 Million Yuan in Series A, Betting on Full-Color Optical Waveguides

Guangna Siwei recently closed a Series A round of nearly RMB 200 million, with investors including Guangzhou Industrial Investment, Guangzhou Financial Holdings, Jinke Junchuang, Chengdu Sci-Tech Investment, Xinxing Fund, Midea Capital, Guangzhou Development District Sci-Tech Innovation Parent Fund, Nano Fund, and Nazhen Investment. Nano Fund, an existing shareholder, continued to follow on.

Proceeds from the round will mainly go toward next-generation full-color optical waveguide R&D, expansion of new-process production lines, market development at home and abroad, and recruitment of core talent, strengthening the company's IDM full-chain in-house R&D and manufacturing capabilities in AR diffractive optical waveguides. At the same time, the company has begun preparations for its Series B round, aiming to use the capital markets to accelerate technology iteration and scale up capacity, positioning itself ahead of the industry's expected technology and capacity surge in 2027.

This financing is not an isolated event; it reflects how the ARoptics sector is approaching a critical technological inflection point. Consumer AR currently relies mainly on single-color green diffractive optical waveguides as the mainstream mass-production solution, with similar performance across players and no clear generational gap yet. But the industry broadly expects 2027 to be a key milestone for waveguide technology iteration, when monolithic dual-color and even monolithic full-color solutions could enter the window for commercial volume deployment.

As AI and AR glasses converge faster, demand for higher-performance display solutions is becoming increasingly urgent and industry momentum continues to build. The leap from single green to full color is not a simple parameter upgrade; the complexity of advanced processes such as multilayer grating fabrication and precise multi-color optical path calibration rises exponentially. This means companies that first crack full-color mass production will quickly pull ahead of their peers.

It is precisely on the eve of this industry inflection point that Guangna Siwei's differentiated strategy is coming into focus. The company was incubated in 2021 by the Guangdong-Hong Kong-Macao Greater Bay Area National Institute of Nanotechnology Innovation. Its core team brings together researchers from top institutes including the National Center for Nanoscience and Technology, Beijing Institute of Technology, and Friedrich Schiller University Jena, as well as seasoned experts from industry leaders such as BOE, SONY, and AMEC, combining backgrounds in cutting-edge optical R&D and display semiconductor mass production.

The company uses a vertically integrated IDM model spanning the full chain fromoptical design, specialty materials, and nanofabrication to device packaging and testing. It has developed its own optical design and simulation tool, SEEVerse, with support from a Key R&D Program of the National Natural Science Foundation of China. Thanks to efficient internal collaboration, the cycle from optical design to sample validation can be shortened to 68 hours.

On the capacity front, the company has built a fully automated nanoimprint production line with annual delivery capacity in the millions of units. When the new line comes on stream in 2026, annual capacity will rise further to 1–1.5 million units, building up manufacturing headroom ahead of the expected surge in demand.

On the technology roadmap, Guangna Siwei is pursuing both nanoimprint and silicon carbide etching in parallel. In the consumer market, its single-color green waveguides have shipped in volume and are used in mass-produced AR glasses such as Even G1/G2 from Yiwen Technology, while the C25C monolithic full-color waveguide has also entered mass production.

The real technical barrier, however, is the silicon carbide etched full-color diffractive waveguide. Guangna Siwei's silicon carbide full-color waveguide is currently under 0.6mm thick and weighs less than 3g per piece, and has been deployed in volume in Coray Air2 commercial AR glasses, giving the company a stable one- to two-year technology lead in high-end full-color waveguides.

From a capital perspective, the composition of investors in this round is telling. State-owned platforms including Guangzhou Industrial Investment, Guangzhou Financial Holdings and Chengdu Science and Technology Innovation Investment have piled in, Midea Capital has joined as an industrial investor, and existing shareholder Nano Fund has continued to back the company. State ownership signals policy endorsement and regional industry support, while the industrial capital validates its supply chain value and commercialization prospects.

Overall, Guangna Siwei has built three competitive moats: full-chain in-house IDM development, parallel pursuit of two technology routes, and the first mass production of silicon carbide full-color waveguides. On the eve of the industry's shift from single-green to full-color AR optics, the nearly RMB200 million Series A round provides ample funding and capacity reserves to secure a position in the 2027 mass-production window.

From a laboratory at the National Center for Nanoscience and Technology to a globally leading waveguide supplier, this young company is striving to secure a key ecological position in the "chip-level" core components of AI glasses, and the upcoming Series A round may determine whether it can hold its place among the leaders in the next phase of the capacity race. OFweek Optics will continue to track the story.