The Russian-Swiss company WayRay, specializing in holographic systems with augmented reality, has been declared bankrupt in Switzerland, writes RTS. The reason for this decision was the Russian origin of the startup.
WayRay is a DeepTech startup that develops holographic systems with augmented reality. The company’s products include an integrated holographic AR display for automotive manufacturers, as well as a detachable solution for industrial, land, aquatic and air transportation equipment.
WayRay was founded in Russia in 2012 and has repeatedly attracted investments over the years. Alibaba invested in the startup twice and funding was also provided by Porsche, AFK Sistema, the China Merchants Capital fund and others.
As WayRay told the publication, the company was waiting for a decision on new investments worth $100 million and on the same day the Russian Armed Forces sent troops to the territory of Ukraine.
“This is an atomic bomb that fell on society,” commented Philippe Monnier, a member of the company’s board of directors, about the events of February 2022, adding that the economic sanctions imposed had a direct impact on WayRay.
Although the company is Swiss, its founder and some shareholders have ties to Russia, so cooperating with projects of this type today is risky, say the experts interviewed by RTS.
WayRay management wants to sell the business to European, American or Asian buyers. If the deal is finalized quickly, jobs are likely to be saved.
At the same time, Monier expects that the company’s main activities will remain in Switzerland. As of February 2022, WayRay employed about 40 people.
Previously, WayRay founder Vitaly Ponomarev told RB.RU how the startup was created.
Author:
Natalia Gormaleva
Source: RB
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