Pitch Deck Teardown: This is the deck WayRay used to raise $80M at a $500M valuation

CONFIDENTIAL INFORMATION OF WAYRAY AG

WHAT
MAKES US
STAND OUT
A unique industrial
deep-tech company
with a unique culture
Leaders in holography
True AR pioneers
No competitors
in our specialization
Collaborations with
the largest car makers
Acknowledgment
by the industrial giants
who invested in us

Our mission
To create a future where any transparent
surface is a window into virtual worlds.
To supercharge the human senses and
make everyday life more fun, convenient,
and secure.

$18M
TOTAL IN FUNDING
Investor

Leadership in holography —
Leadership in AR
WayRay is the first company to master the application of holography
to head-up displays that offer a True Augmented Reality experience
for the automotive industry and beyond.
Our Holographic AR Display is the only way to deliver this experience
in a package compact enough to integrate into any vehicle. The
holographic optical elements (HOEs) that we use to perform all of the
necessary optical functions yet remain transparent, thin, and capable
of conforming to curved surfaces such as windshields.
True Augmented Reality is a virtual world
that moves and continuously changes
in sync with the outside environment
and the user’s preferences.

OUR MAIN FOCUS

We believe that the car windshield is the most
natural medium for delivering AR content.
That’s why we are focusing on these primary
revenue sources for the next ten years:
Embedded Holographic
AR Display, a built-in AR
head-up display for cars
True AR Marketplace,
a platform for AR content

True AR UX
Embedded
Holographic
AR Display
Car Hardware /
Software and sensors
WayRay Hardware
WayRay Software
True AR Marketplace
Our unique True AR Experience is the result
of many layers of hardware and software
components, made with the utmost technological
proficiency and all working together seamlessly.
Technology layers

AR for driver and passenger
Embedded Holographic AR Display
True AR Marketplace
Car Hardware / Software and sensors
Technology layers

True AR marketplace
The content displayed by the 3rd party AR apps downloaded
via the True AR Marketplace is meant to be user-oriented and
targeted precisely to the user’s preferences and behavior.
Virtual objects are seamlessly integrated into the real world
and don’t distract from driving.
WayRay aims to create a global platform —
like an app store with bespoke content for
drivers and passengers — that will reshape
the whole mobility paradigm.

True AR marketplace
AR app for cars is a brand-new type of applications that
run on holographic AR displays by WayRay. What sets the
AR apps apart is their content and behavior.
An application running in the True AR is not an object on the
screen, but a process. When a vehicle is on the move, the user
can have a number of processes (AR apps) running, including
core display OS processes and side processes (3rd party
AR apps).

USER’S CALENDAR DATA
LOCATION APP DATA
GAME DATA
PARKING APP DATA
The virtual objects (AR app content) can be bound to a road
section or a POI. They can change the shape and move around
or be permanent elements of the AR interface.
True AR marketplace

AR content for the driver

AR game for the passenger

TECHNOLOGY
ADVANTAGES

Advantages of WayRay’s AR HUD
Can display more AR content
Crisp and vivid imagery with
unprecedented color depth
Virtual image is aligned with
the real world
HUD can be installed in any type of
vehicle; small cutout in the dashboard
Largest possible
Field of View
High color
saturation
True AR
experience
Small package
volume
No sun damage
to projection optics
Flexible integration even
in sports cars
From 0 m to infinity
For far field
and near field
Option to have
a dual plane system
Immunity to sun load
Off-axis system
No limitation on
Virtual Image Distance

Technology comparison
Lens/mirror collimator + reflection on the windshield.
True AR is not possible due to fundamental limitations:
1.
2.
Thus the Field of view (FOV) is very small, and distance
to the virtual object plane tends to be quite close.
Projection module + combiner glass: requires an additional
piece of glass between driver and windshield. Questionable safety.
large volume due to lenses and aspherical mirrors and large
cutout in the dashboard,
destruction caused by sun load to LCD / diffuser screen
for far field applications, and
special attention required to avoid image ghosting.
Holographic optical element is seamlessly integrated into
the windshield and performs the majority of the optical work.
Uses DLP matrix with laser light source. Largest FOV, virtual image
plane at a further distance without compromising on dimensions.
Conventional HUDs are built using one
of the following schemes:
WayRay’s Holographic
AR Display:

Technology comparison
*For this calculation purposes, we set the VID to 15 meters
1a 1b 2
FIG. 1a
CONVENTIONAL HUD WITH
WINDSHIELD REFLECTION
SURFACE-TO-
VOLUME RATIO
0.07
0.04
1.38,
Potentially
> 5.82
IMAGE AREA
(M2
)
1.53
0.11
4.13,
Potentially
> 17.46*
FIG. 1b
CONVENTIONAL HUD
WITH COMBINER GLASS
FIG. 2
WAYRAY HOLOGRAPHIC
AR DISPLAY
FIELD OF VIEW
4°–10° × 1.5°–5°
4°–10° × 1.5°–4°
12° × 5° delivered,
Potentially
> 25° × 10°
VIRTUAL IMAGE
DISTANCE (M)
2–10
1–3
0 to ∞
SYSTEM
VOLUME (L)
18-22
3
3
Windshield
Eyebox
WINDSHIELD
SPECIAL TREATMENT
Wedged glass
(wedged PVB film)
Semitransparent piece
of glass between driver
and windshield
Holographic film
Source: WayRay's analysis

For us, conventional
HUDs are no competition
WayRay is the only company in the world to successfully
develop holographic AR technology solutions with
a small size, exceedingly wide field of view, and projection
distance that can be set from 0 m to infinity, creating
a True Augmented Reality experience.
Nippon Seiki, Denso, Continental,
Bosch, Visteon, and others
all offer conventional HUDs.

Deep Reality Display
WayRay has developed a new generation of AR HUD that
can show different parts of the virtual image at different
distances. This breakthrough feature further reduces disparity
errors between the virtual image and the real world and results
in an even more impressive user experience.

Conventional HUD
In conventional HUDs, the distance to the virtual image
is typically short, which causes a mismatch with reality
and forces the driver to refocus.

Breakthrough in Volume
WayRay’s head-up display solution has a much lower volume
of roughly 3 liters compared to traditional head-up displays
with a volume of roughly 18 liters.
Thanks to the smaller package, our head-up display
can be installed into compact cars.
Conventional HUD
WayRay HUD

WHERE WE ARE NOW

We are set up to sign
commercial contracts
Having delivered a number of proof of concept (PoC) projects
to major European and Asian car manufacturers, during these last
2 years WayRay focused on industrializing the product to ensure that
it meets automotive-grade standards. We are now at the finish line
of this target and are about to start signing commercial contracts.

TECHNOLOGY
DEVELOPMENT
2017 2019
WE ARE HERE H2 2022
Q2 2022
Q4 2021 2023+
FIRST LARGE
OEM CONTRACT
FIRST RFQ
CLOSING
TIER 1 SUPPLIER
START OF
PRODUCTION
BRINGING THE PRODUCT TO RFQ READINESS
POC PROJECTS
FOR OEMS
Transition from concept stage
to prototyping stage
Confirmation of technical feasibility, verification of key
components against automotive requirements, establishing
a supply chain, and preparing internal processes to support
commercial contracts.
Successful delivery of Proof of Concept
(PoC) projects — prototypes integrated
into customer vehicles — to major
European and Asian OEMs
True AR HUD: from the concept to commercialization

When introduced into a vehicle model, the car’s
geometry is frozen and our product is automatically
factored into future restyling.
GEN. 1
GEN. 1
GEN. 1
GEN. 2
GEN. 2
GEN. 2

WAYRAY
TIER NS
OEMS
TIER 1S
Prototype creation
One-time payment
Payment for
mass production
Margin from mass production (e.g. license fee)
Production and supply
of projection system
and windshield
Product design & manufacturing technology
Hologram recording
Supply chain design
Business model
WayRay will act as a technology partner for the selected
Tier1 suppliers, which will be responsible for assembly,
delivery and quality. WayRay will be responsible for
defining the system architecture and the design of the
main components, as well as for hologram recording.

HOW WE WORK

One of our company values
is “Do Deep Tech,” and it’s at the
core of our approach to our work,
technology, and products.
This value reflects the importance
of deep foundational scientific
research.
Do Deep Tech

Thanks to our continuous R&D, we possess
fundamental and defensible engineering
innovations that distinguish us from companies
that are focused on the incremental refinement
or delivery of standardized technologies or only
use business model innovation to create
opportunities.
The underlying intellectual property of our
deep tech innovations is well-protected and
hard to reproduce, making it a strong competitive
advantage or barrier to entry.
Do Deep Tech

Vertical integration
One of our competitive advantages
is that we are a vertically integrated
company and keep most of the steps
of our product creation in-house,
which allows us to control the
development and production
process, reduce costs, and improve
efficiencies.
Optics & Holography
Hardware engineering
Electronics engineering
Software engineering
Quality Assurance
Chemistry
Design
In-house facilities & expertise:

Holography is the core body
of knowledge that enables WayRay
to create a True AR experience.
Holography

Our holographic technology is the
result of breakthroughs in R&D and
continuous improvements over the
past 8 years.
Holography
The holographic optical element created
by WayRay is a photopolymer film that retains
the properties of a complex nanostructure
after the recording process.

Special function layer
Outer adhesive layer e.g. PVB
Outer glass
Holographic optical element
Special function layer
Inner adhesive layer e.g, PVB
Inner glass
Our team has mastered the
complex processes involved
in holography, including
know-how pertaining to:
Groundbreaking
advancements in holography
the properties of photopolymer film,
hologram optical design,
hologram recording, and
windshield integration.

The lasers we design in-house are
optimized for holographic display
applications and are not available
on the market.
Custom lasers
WayRay has mastered the design and development
of blue laser technology, both as a lighting source
for the projection unit and for holographic film
recording.

PGU optical design While the HOE enables a large
FOV, it has to work with the
Wv Unit’s (PGU)
optics to ensure high image
quality throughout the FOV
and eye box.
HOE in windshield
Final aspherical lens
Fold mirror
Corrective optics
DLP projector

Advanced engineering
techniques
We use the method
of computer-aided engineering
to perform a number of tasks:
Stress calculation
Dynamic analysis
Vibration analysis
Cooling systems analysis
Generative design

AR Rendering Engine
We developed a single software platform for
all of our solutions: the AR Rendering Engine.
The ARRE acquires data from sensors, computer
vision, and maps to calculate vehicle positioning
and render virtual objects in real time.

WayRay’s True AR SDK is a framework for creating
AR apps that run on in-car holographic AR displays. With
the SDK, developers can create high-quality content, blend
digital objects with the world around the car, and shape
AR experiences for drivers and passengers in conventional
and self-driving cars.
True AR SDK

WAYRAY OVERVIEW

WayRay Team Over the course of eight years, our
small crew of visionaries has grown
into an extensive, multinational coalition
of high-caliber professionals.
Hailing from impressive companies across an array of industries,
they are engineers, science experts, and product designers
backed by top-notch finance professionals, lawyers, and seasoned
executives. The unique experience and extensive knowledge they
bring to the table is what makes our team such a powerhouse.

WayRay Team
>230
TEAM MEMBERS
64%
OF THEM WORK IN R&D

WayRay Team
AUTOMOTIVE
AUTO COMPONENTS
UNIVERSITIES AND
RESEARCH CENTERS
CONSUMER
ELECTRONICS
SOFTWARE
AND INTERNET
OPTICS AND
OPTRONIC EQUIPMENT
OTHER

Holography
Optical Design
Laser Research
OPTICS &
HOLOGRAPHY
Glass Lamination
Technical
Engineering
Research
CHEMISTRY
Mechanical Design
Computer-Aided
Engineering
Prototyping
Assembly
HARDWARE
ENGINEERING
FPGA Design
Analog and Mixed
Signal Design
Power Supply
Systems Design
Research
PCB Assembly
ELECTRONICS
ENGINEERING
AR Rendering Engine
Mobile
Backend
DevOps
Firmware
SDK
SOFTWARE
ENGINEERING
Web and Mobile
Testing
Software Testing
Hardware Testing
QUALITY
ASSURANCE
UI/UX Design
Graphic Design
Web Development
Industrial Design
CG Design
DESIGN
Platform components
development
System prototypes
building and testing
Integration
Feasibility studies
Key suppliers
development
PLATFORM
SOLUTIONS
R&D departments

Chemistry
Glass Lamination
Technical Engineering
Research

UI/UX Design
Graphic Design
Web Development
Industrial Design
CG Design
Design

FPGA Design
Analog and Mixed Signal Design
Power Supply
Systems Design Research
PCB Assembly
Electronics Engineering

Hardware Engineering
Mechanical Design
Computer-Aided Engineering
Prototyping
Assembly

Optics & Holography
Holography
Optical Design
Laser Research

Platform Solutions
Platform components development
System prototypes building and testing
Integration
Feasibility studies
Key suppliers development

Web & Mobile Testing
Software Testing
Hardware Testing
Quality Assurance

AR Rendering Engine
Mobile
Backend
DevOps
Firmware
SDK
Software Engineering

Swiss Technology Center
We are building a cutting-edge technology center
in Zurich, which will house our core R&D, prototyping,
mastering of manufacturing and integration processes.

Laser laboratory for laser assembly
and testing to verify stability, beam
quality and power.

Holography laboratories for holographic
optical element recording and optical
quality verification.

Experimental production facility equipped
with CNC machines, metrology equipment,
vacuum casting and painting equipment
for mechanical design and production.

PCB assembly facility for the development
of high-complexity PCB design with MCU,
CPU, and memory and assembly of the
PCB for prototypes.

Climatic and vibration testing labs
that allow for simultaneous vibration
and temperature tests.

Two 5-axis machining centers
Two 4-axis machining centers
Two 3-axis CNC machines
Two turning centers
One Swiss-type lathe
CNC Machine
workshop equipment

Metrology equipment
Coordinate measuring machine
FARO measurement arm
Measuring microscope

WHERE WE ARE HEADED

New markets Radical innovations
An entirely new type of vehicle —
an e-car with AR functionality
Add-on Holographic AR Display,
a standalone visor-based device which
can be used across multiple industries
Side windows, AR-powered side windows
in different means of transportation
AR Smart Glass, holographic
AR windows for buildings

Add-on Holographic
AR Display
WayRay has designed an advanced Add-on
Holographic AR Display that makes it possible
to implement holographic displays in land, air,
water transportation, and heavy machinery.

Application across multiple industries
TRANSPORTATION
Trains
Trams
Watercraft
INDUSTRIAL
Pallet Trucks
Forklifts
URBAN SERVICES
Sweeper Machines
Sewer Cleaners
Winter Maintenance
Firetrucks
Waste Management
CONSTRUCTION
Tractors
Loaders
Excavators
AGRICULTURE
Tractors
Harvesting Equipment
Planting Equipment
Seeding Equipment
Landscape Maintenance
AIR MOBILITY MEDICAL
Helicopters
Drone Taxis
Surgical Equipment

The advanced Add-on Holographic AR Display
can help minimize accidents on construction sites
by offering operators of construction vehicles
an expansive view of the environment around the
vehicle, projected in AR to avoid head-turning and
distraction.
Moreover, the AR system combined with GPS
location data can help operators navigate large
sites and pinpoint target locations with ease
and precision.
Construction Equipment

AR Side Window Solutions
In Trains
Our technology can be applied to glass of all sizes,
opening up new opportunities for consumers
to interact with AR content as well as for advertisers
to show off their products via the AR marketplace.

Using AR displays to show ads could give cab users
the option of enjoying free trips at the expense
of advertisers and content providers.
AR Side Window Solutions
In Cabs

AR Smart Glass
The potential for applications of WayRay’s
holographic technology extends far beyond
transportation. Holographic AR-embedded smart
glass could bring the augmented reality experience
to any building — commercial or residential.

Awards
GRAND PRIZE IN AUTOMOBILITY
LA’S TOP TEN AUTOMOTIVE
STARTUPS, 2017
PEOPLE’S CHOICE AWARD
AT STARTUP AUTOBAHN,
2018

Events CES 2017
In January 2017, we first took part in the Consumer
Electronics Show in Las Vegas and showcased the world’s
first holographic AR infotainment system for drivers and
passengers, embedded into Swiss manufacturer
Rinspeed’s concept car, the Oasis.

Events
A year after our debut, we ventured to go solo and
set up our own booth to premiere our holographic
AR technology to the public.
Alongside this first solo performance, we revealed our
partnership with Honda Motor Company at the Honda
Xcelerator booth and showed off our product among
five other participants.
CES 2018

Later on, in summer 2018, we rejoined
the Honda exhibit at CES Asia in Shanghai
to bring our holographic AR displays to Asia’s
automobile market.
Events CES Asia 2018

Media coverage
“SEE HOW WAYRAY LASER HOLOGRAPHS CAN
TURN A WINDSHIELD INTO THE BEST AR GEAR”
https://www.cnet.com/roadshow/videos/see-how-way-
ray-laser-holographs-can-turn-a-windshield-into-the-
best-ar-gear/
“WAYRAY IS MAKING HOLOGRAPHIC
AUGMENTED REALITY TECH FOR CONNECTED
CARS. THINK BLADE RUNNER-STYLE
BILLBOARDS THROWN UP ON WINDSCREENS”
https://www.wired.com/story/top-auto-transporta-
tion-startups/
“WAYRAYS AR IN-CAR HUD CONVINCED ME HUDS
CAN BE BETTER”
https://techcrunch.com/2018/01/09/wayrays-ar-in-car-
hud-convinced-me-huds-can-be-better/
“ALIBABA INVESTS IN WAYRAY, A MAKER
OF AUGUMENTED REALITY DASHBOARDS
FOR SMART CARS”
https://techcrunch.com/2017/03/15/alibaba-wayray/
“ALIBABA LEADS $18 MILLION ROUND INTO
AUGMENTED REALITY CAR NAV STARTUP WAYRAY”
https://venturebeat.com/2017/03/14/aliba-
ba-leads-18-million-round-into-augmented-reali-
ty-car-nav-startup-wayray/
“WAYRAY’S AR TECHNOLOGY WORKS MUCH
LIKE A HEAD-UP DISPLAY SYSTEM, BUT ITS
SYSTEM IS SMALLER, WORKS IN ANY CAR,
AND CAN PROJECT VIRTUAL OBJECTS ONTO
THE FULL WIDTH OF THE WINDSHIELD”
https://www.businessinsider.com/wayray-augmented-re-
ality-startup-series-c-funding-hyundai-porsche-aliba-
ba-2018-9
“ALIBABA BACKS AR NAVIGATION STARTUP
WAYRAY IN $18M ROUND”
https://www.zdnet.com/article/alibaba-backs-ar-navi-
gation-startup-wayray-in-18m-round/
“7 PROMISING TECH STARTUPS SHAKING
UP THE AUTO INDUSTRY”
https://venturebeat.com/2018/02/25/7-promis-
ing-tech-startups-shaking-up-the-auto-industry/

Thank you

Pitch Deck Teardown: This is the deck WayRay used to raise $80M at a $500M valuation

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Pitch Deck Teardown: This is the deck WayRay used to raise $80M at a $500M valuation