But a new Chinese startup, founded by an Apple veteran, just raised enough cash to become a real challenger. The company now has the resources and backing to go after the industry leader.
Manufacturers shipped 2.25 million units worldwide in that period alone.
That surge is mostly driven by display-less glasses - the kind Meta sells through its Ray-Ban partnership. Analysts predict that by 2030, total global shipments of smart glasses - including models with displays and VR capabilities - will surpass 50 million units, more than doubling current levels.
Will Wang, the founder and CEO, worked at Apple from 2016 to 2018 on the Apple Watch and iPhone. He built Even Realities in Shenzhen, China's hardware hub.
Get your free investing masterclass bonus when you join Market Briefs, our free daily newsletter
The pre-Series B round brought in Tencent, Meituan, CDH Investment, Monolith Management, CVC Capital, and Hong Kong-based firms Unicorn Capital Partners and Cyanhill Capital, which invested an undisclosed amount in January.
Even Realities is a unicorn now - a startup valued at $1 billion or more. But it still trails domestic rival Rokid, which is valued at $2.58 billion per PitchBook data. Rokid raised $522 million in its latest round in March.
Another competitor, RayNeo, is valued at $239.9 million. Alibaba launched its Quark AI glasses in February, and Xiaomi is also a market participant.
Wang sees a different path forward. "The future isn't about pulling out a device every time you need information," he said. "It's about having the right information available exactly when you need it, while remaining fully present in the world around you."
Even Realities plans to channel the $150 million into building a next-generation smart-glasses platform, deepening its AI integration, scaling up global operations, and accelerating product innovation. The company is aiming to challenge Meta's dominance in the AI-wearable market.
That means the real battle is just beginning: a former Apple engineer with Chinese manufacturing power and American developer support trying to unseat the social-media giant that already has the world's most popular smart glasses.
The surge in smart-glasses demand has drawn both startups and established giants, but Even Realities differentiates itself by focusing on a discreet, information-overlay experience rather than the camera-first approach of Meta. Wang's background at Apple - where he worked on the Apple Watch's seamless integration of hardware and software - gives the company a design-centric edge. Combined with Shenzhen's rapid prototyping ecosystem and strong U.S. developer adoption, Even Realities is positioned to carve out a significant niche in a market that analysts expect to grow tenfold by decade's end.
Subscribe to Market Briefs, our free daily newsletter, and claim your bonus investing masterclass