ENGO Eyewear Raises €5.1M for International Expansion
ENGO Eyewear, a Grenoble-based developer of smart sports eyewear, has raised €5.1 million in a funding round backed by Ventech, ODYSSEE Venture and Bpifrance Amorçage Industriel. The company said the money will support its international industrial and commercial expansion, recruitment in France and additional research and development for its lightweight build augmented reality eyewear.
The business said it plans to hire 20 people in France. The new roles will cover engineering, software, data and business development. ENGO said the recruitment drive forms part of its wider expansion plans and its continued development in France.
ENGO develops augmented reality smart glasses for runners, cyclists, triathletes and other endurance athletes. Its eyewear uses a Micro-OLED display that projects live performance data into the wearer’s field of view. The system is designed so athletes can check information without having to look away from their activity.
The company’s latest device, the engo3 AR sports glasses, was launched earlier this year. The product includes support for Garmin and Apple Watch. It also features a colour-coded heads-up display that presents metrics including heart rate, pace and power in red-to-green zones. ENGO said the glasses weigh 38.5 grams and provide more than 20 hours of battery life.
ENGO designs and assembles its products in France. The company said around 90% of its revenue currently comes from outside the country. That international mix sits alongside the company’s plans to expand its industrial and commercial footprint, while continuing to develop its operations in France.
According to ENGO’s backers, the new funding will also be used to step up research and development in several technical areas. Those areas include display miniaturisation, optics, embedded display technologies, new features and further reductions in product weight. The company said these priorities remain central to the evolution of its eyewear as it works on making the technology lighter and more advanced.
Eric Marcellin-Dibon, chief executive of ENGO, said the company has pursued a simple vision since its inception: enabling athletes to stay focused on their performance rather than on the technology they wear. He said the closer the eyewear gets to being lighter, more natural and more intuitive, the closer the company moves towards making the technology disappear in favour of the athletic experience. The remarks set out the company’s long-term product goal and its focus on reducing distraction during competition and training.
Fabrice Berger Duquene, chief operating officer of ENGO, said the fundraising round gives the company the means to accelerate development and reinforce its position in the sports smart eyewear segment. He said the company is seeing growing adoption of its solutions by athletes, including both amateur and professional users. He added that the business now aims to take the next step in its international expansion. The company said the investment will therefore support both its industrial and commercial growth and its ongoing work in France.
The funding round adds fresh backing for a company that already has most of its revenue outside France and is seeking to expand its operations further. ENGO’s latest investment is intended to support hiring, product development and technical research at the same time, while keeping its design and assembly base in France.
