On May 26, XGIMI Technology, a leading projector manufacturer, announced that its controlled subsidiary Shenzhen Qinglai Innovation Intelligent Technology Co., Ltd. has closed a new round of capital increase totaling RMB 60 million. China International Capital Corporation Emerging Private Equity Fund (Qingdao) L.P. contributed RMB 25 million, while two unrelated external investors put in the remaining RMB 35 million. Together they subscribed for a 7.2288% equity stake post-capital raise.
The financing agreement includes a share repurchase clause: if Shenzhen Qinglai fails to complete a qualified IPO by December 31, 2034, investors have the right to demand share buybacks at an annualized interest rate of 6%.
XGIMI stated the proceeds will strengthen Shenzhen Qinglai’s capital base and fuel the development of its AI glasses business.
Following the capital injection, XGIMI’s shareholding in the subsidiary dipped from 47.6883% to 44.2411%, yet Shenzhen Qinglai remains under XGIMI’s controlling ownership. Notably, this marks the second financing round for the firm in the past 12 months, after a RMB 50 million angel round secured in December 2025. Cumulative funding raised to date stands at RMB 110 million.
Shenzhen Qinglai serves as XGIMI’s core platform for its AI eyewear arm and operates the proprietary smart glasses brand MemoMind.
Image source: MemoMind
At CES 2026 held in Las Vegas in January, XGIMI officially unveiled the MemoMind brand alongside its full product lineup split into three tiers: MemoMind One, MemoMind Air Display and MemoMind Air, tailored for full-featured AR viewing, lightweight alert notifications and pure AI audio interaction respectively.
The flagship MemoMind One adopts binocular Micro LED + optical waveguide architecture, with its display activating only on demand. It delivers graphical navigation, real-time translation, teleprompter prompts and instant notifications, supporting up to 16 hours of runtime under low-power display mode.
MemoMind Air Display prioritizes ultra-lightweight wear with a monocular Micro LED setup and no built-in speakers; weighing merely 28.9 grams, it achieves up to one week of battery life with its charging case and displays core content including navigation cues, translated subtitles and message alerts.
MemoMind Air eliminates display hardware entirely and centers on AI voice interaction, offered in audio and non-audio variants with undisclosed feature details pending official reveal.
All three models run a multi-model hybrid operating system compatible with mainstream large language models such as OpenAI, Azure and Tongyi Qwen, enabling automatic model switching matched to specific tasks. The MemoMind One is slated for launch in Q2 2026 at a starting price of approximately USD 599.
XGIMI Expands from Projectors to Smart Eyewear & Automotive Optics
Bringing external investment into its smart glasses subsidiary represents XGIMI’s strategic pivot into emerging hardware amid slowing growth in its core projector business.
In 2025, the firm posted a mere 1.85% year-on-year revenue rise as China’s domestic projector market cooled amid sluggish consumer spending. Against this backdrop, XGIMI prioritizes two new growth pillars: automotive optics and AI smart glasses. Its projection expertise translates into automotive cabin optical applications, while wearable AR/AI eyewear lets the firm capture fast-growing smart wearable opportunities. The diversification leverages its existing optical know-how and secures a foothold in next-gen intelligent device terminals.
XGIMI’s decades-long proprietary optical R&D ecosystem underpins its eyewear entry, covering in-house optical engine development, illumination & imaging optical design and precision manufacturing. Since 2024, all its projector optical engines have been fully self-developed, with end-to-end production bases spanning lens fabrication, optical modules and finished assembly in Yibin (Sichuan Province) and Vietnam.
Its mature optical production and R&D infrastructure align closely with near-eye display requirements. Meanwhile, proprietary algorithms refined for projectors — including intelligent sensing, automatic keystone correction and AI image enhancement — are readily adapted for smart glasses human-machine interaction, significantly lowering technical barriers for its eyewear foray.
The RMB 60 million funding materially boosts MemoMind’s R&D, supply chain construction and go-to-market initiatives, buying critical lead time amid intensifying industry competition.
Surging Capital Fuels Fiercer AR Glasses Competition
Fresh funding injects fresh momentum into XGIMI’s wearable roadmap, coinciding with an industry-wide financing boom across the AR supply chain throughout 2026, spanning Micro LED / Micro OLED microdisplay, optical waveguide and finished AR headset segments. Manufacturers race to secure capital for technical advancement and market expansion.
Within the end-product segment alone, multiple Chinese AR players including Thunderbird Innovation, Rokid, LightLeap Tech, VITURE, INMOI and INDEGINE have closed major fundraising deals in H1 2026, with the largest single round hitting RMB 686 million.
As venture capital pours into smart eyewear, industry rivalry has evolved from pure technical competition into an all-round contest covering optical R&D, supply chain integration and viable commercialization.
Backed by over ten years of vertical optical technology and end-to-end manufacturing capabilities, XGIMI has rapidly scaled its AI glasses project via standalone subsidiary Shenzhen Qinglai, locking in RMB 110 million across two funding rounds within a single year to bankroll MemoMind’s product development and commercial rollout.
At a pivotal inflection point where AR glasses transition from conceptual prototypes toward mass-market adoption, it remains to be seen whether XGIMI can successfully migrate its projector strengths into near-eye display and carve out differentiated competitiveness within an increasingly crowded marketplace.
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