WayRay’s $80M Series C Deck – Meczyki.Net

we have enough A unique pitch deck on our hands today.

A few years ago, AR car hardware company where A Series C round led by Porsche raised $80 million at a half-billion valuation, and I’m so excited to show off their pitch deck today! Yes, it’s a bit older than some of the decks we usually tear down, but it’s rare that I get my hands on a 100% unpowered, unbridged deck that results in a half-unicorn evaluation.

WayRay’s deck has 75 slides—about 50 more than I would typically recommend for a deck like this—and it’s clear that the founders behaved differently from what we’re used to seeing these days. Still, you can’t argue with a successful fundraiser of this potential.


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slide in deck

Generally, I list all the slides here in a deck so you can get an overview. But as I mentioned above, there are 75 slides in this deck, and many of them aren’t particularly clear what they really are. For, Just flipping through the deck gets me really confused in general, but I’ll understand why that’s a bad thing.

Let’s start by outlining what’s in the deck, and then look at how it all comes together, what works, and what needs improvement.

  1. cover slide
  2. “What Makes Us Different” – USP Slides
  3. Our Mission – Mission Slide
  4. graphic slide
  5. Past Investor Slides
  6. “Leadership in Holography” — Platform Description Slide
  7. Cover Slide – “Our Main Focus”
  8. “We believe the car windshield is the most natural means for delivering AR content.”
  9. Technology Layers – Tech Stack
  10. Technology Layers – Technical Implementation
  11. AR Marketplace – Use Example Case 1
  12. AR Marketplace – Example Case 2. use
  13. AR Marketplace – Example Case 3. use
  14. AR Marketplace – For Drivers
  15. AR Marketplace – For the Traveler
  16. technology advantage
  17. “Benefits of Vere’s AR HUD” Product Features Slide
  18. “Technology Comparison” – Compare Heads-Up Displays with Competitors
  19. “Technology Comparison” – Compare Heads-Up Displays with Competitors
  20. “For us, traditional HUDs are no competition” – Positioning Slide
  21. “Deep Reality Display” — Product Overview Slide
  22. “Traditional HUD” – Shows what the competition does
  23. “Breakthrough in Volume” – Shows How WayRay HUDs Take a Small Footprint in Cars
  24. Cover Slide – “Where Are We Now”
  25. “We are ready to sign commercial contracts” – Traction Slide
  26. “True AR HUD: From Concept to Commercialization” – Product Roadmap Slide
  27. “when offered in a vehicle model” – explains the “stickiness” of the product between model years
  28. business model slide
  29. Cover Slide – “How We Work”
  30. Graphic Slide: “Take Deep”
  31. Graphic Slide: “Take Deep”
  32. “Vertical Integration” – Competitive Advantage Slide
  33. Graphic Slide: “Holography”
  34. Graphic Slide: “Holography”
  35. “Unprecedented Advances in Holography” – Tech Overview
  36. Graphic Slide: “Custom Laser”
  37. “PGU Optical Design”—shows how the HUD is designed
  38. “Advanced Engineering Techniques” – Shows how the products are designed
  39. “AR Rendering Engine” — Product Slide
  40. “True AR SDK” – Third-Party App Developer Slide
  41. Cover Slide – “Vere Overview”
  42. WayRay Team — Team Slide 1
  43. WayRay Team — Team Slide 2
  44. WayRay Team — Team Slide 3
  45. WayRay Team – R&D Department Organization Chart
  46. WayRay Team – Chemistry Team Slides
  47. WayRay Team — Design Team Slides
  48. WayRay Team — Electronics Engineering Team Slides
  49. WayRay Team — Hardware Engineering Team Slides
  50. WayRay Team — Optics & Holography Team Slides
  51. WayRay Team – Platform Solutions Team Slide
  52. WayRay Team — Quality Assurance Team Slide
  53. WayRay Team — Software Engineering Slides
  54. WayRay Team – Swiss Technology Center Team Slide
  55. WayRay Labs — Laser Lab Slides
  56. WayRay Labs — Holography Lab Slides
  57. WayRay Labs — Experimental Production Slides
  58. WayRay Labs — PCB Assembly Facility Slides
  59. WayRay Labs — Test Lab Slides
  60. WayRay Labs — CNC Workshop Slides
  61. WayRay Labs — Metrology Equipment Slides
  62. Cover Slide – “Where Are We Going”
  63. New Markets/Radical Innovation — Positioning Slide
  64. Add-on Holographic AR Display — Future Product Slide
  65. “Applications in Multiple Industries” – The Go-to-Market Brainstorm
  66. Construction Tools — Example Use Case Slides
  67. “AR Side Window Solution in Trains” – Use Example Case Slides
  68. “AR Side Window Solution in Cab” – Example Use Case Slides
  69. “AR Smart Glasses” – Example Use Case Slides
  70. Awards – Awarded Slides
  71. Events – CES 2017
  72. Events – CES 2018
  73. Events – CES Asia 2018
  74. media coverage slide
  75. thanks slide

three things to love

There are so many incredible things to add to my teeth with these many slides. To start with, these slides are exceptionally well designed.

WayRay deals in the OEM car sector. In other words, for its products to be seen in the world, they would have to be tested and accepted by car manufacturers, who would then have to add the product to a future version of the car.

It’s a tough prospect because these types of deals can drag on forever. I’ve worked with startups that have had to wait more than a decade from my first interaction with a carmaker until the technology becomes available in a car you can buy. This is because this kind of effort is capital-intensive, but it also means that once you overcome certain hurdles, you are on a clear path to the market.

There is evidence of both in this deck.

super clear road map

[Slide 26] The WayRay road map clearly shows its plans. image credit: where (Opens in a new window)

I loved the way the company lays out its plans and its milestones in a really simple road map (pun intended). The company paints a clear picture of where it is and what it is trying to do.

I’ll have a lot of questions about this timeline (the Q2 2022 RFQ for production in 2023 doesn’t sound realistic in my experience), but I appreciate the clarity and defined goals the company has set.

One of the deepest abyss I’ve seen in a while

Wayraypitchdeckpitchdeckteardownmeczyki.nethajekamps Page 32

[Slide 32] Vertical integration all the way. image credit: where

I often advise young companies to only do what is absolutely core to their business and outsource or use the platform for everything else. WayRay takes a different approach – it has internal staff for every aspect of its product development and manufacturing process.

The company specifically lists optics and holography, hardware, software and electronics engineering, quality assurance, design and chemistry. For some hardware companies, I wouldn’t have expected much, but in this case, it would be helpful to state that WayRay is taking a much broader approach. Here and elsewhere in the deck, it becomes indescribably clear that the company has a genuine interest, and a penchant for research and development.

WayRay does a great job of showing the world he wants to live in.

Notably, the company does not say whether it has an army of IP lawyers who make sure its assets are protected. In fact, the word “patent” does not appear anywhere in the pitch deck, which sounds like an oversight.

Nonetheless, the company says: “The intellectual property underlying our profound technological innovations is well protected and difficult to reproduce.” As an investor, I’d love to hear a little more about how many patents the company is producing, in what parts of the world, and how many patents have been approved.

Painting a picture of a very different world

Wayrayseriescorbeyondpitchdeckmeczyki.netpitchdeckteardownbyhajekamps

[Slide 67] One thing the founders got very right: They help investors envision a different world. image credit: where (Opens in a new window)

Being a founder is a lonely, wild journey into a future that you can clearly see but don’t yet exist. Storytelling is an important part of turning that story into reality, and WayRay does a great job of showing the world he wants to live in.

This deck has several slides showing potential use cases – such as the augmented reality train window mockup above – such as tourist spots with overlays of streets and towns you can visit that add information. is it necessary? Who knows. But it’s so cool that it excites me to imagine what it might be like to live in this world.

As a founder, if you are able to inspire the daydreams of the world you are describing, you are doing an incredible job. I wouldn’t be surprised at all if these scenes – beautifully rendered and shown across the pitch deck – are some of the best opportunities for this to happen.

In the rest of this teardown, we’ll look at three things WayRay could have done better or differently with its full, 75-slide, unedited, unbridged pitch deck.

three things that can be improved

Yes boy! Okay, so let’s put it this way: 75 slides Way, those, those, those they’re too many slides.

Worse yet, some of these slides make me wonder what they are for. It seems like whoever put these slides together was really excited by the technology (and that’s wonderful), but then they end up screaming from the rooftops about something wrong, which somehow threw the pitch off track. gives.