MATTHEW BYATT
Managing Partner
Swave Photonics, a Leuven-based fabless semiconductor company pioneering dynamic 3D holographic display technology, has raised €27 million in Series A funding. The company’s patented HXR technology uses CMOS-based diffractive spatial light modulators to project high-resolution, full-colour 3D holograms in real-time, addressing key AR/VR industry challenges such as eye fatigue, limited depth perception, and narrow viewing angles.
The round was co-led by imec.xpand and SFPIM Relaunch, with participation from the EIC Fund, deep tech investor IAG Capital Partners, and strategic partner Murata Electronics. Existing investors Qbic, PMV, imec and Luminate also participated.
This significant investment enables Swave to accelerate the development and commercialisation of its Holographic eXtended Reality (HXR) semiconductor technology—designed to bring true holography to next-generation AR glasses, automotive HUDs, and immersive 3D displays.
Mike Noonen, CEO at Swave Photonics said:
“The Acuity team was professional, highly responsive, and delivered exactly what we needed when we needed it. I would not hesitate to recommend them to others.”
Matthew Byatt, Managing Partner at Acuity commented:
“We’re proud to have supported Swave Photonics in securing this landmark €27 million Series A round, which validates their breakthrough HXR technology. True holographic displays are a game changer for AR/VR and automotive HUDs, and this funding will accelerate their journey from lab to market. Congratulations to Mike and the team—we look forward to seeing HXR redefine immersive experiences.”
“The Acuity team was professional, highly responsive, and delivered exactly what we needed when we needed it. I would not hesitate to recommend them to others.”
MIKE NOONEN | CEO
Swave Photonics
Team Members
EXPERIENCED, EXPERT AND CONNECTED.
Matthew is a Co-Founder and Managing Partner at Acuity and leads the Acuity Advisors’ Deeptech practice.
Matthew has held senior leadership and corporate finance positions with some of the UK’s most successful and influential technology and consultancy companies. Roles with ARM, McKinsey and Cadence have given Matthew an exceptional insight into the world’s most successful businesses and a number of the UK’s eminent start-ups, underpinning his success at Acuity.
Matthew has considerable experience across a broad range of technology sectors throughout the UK, US and Asia, ranging from nanotechnology, semiconductor and cleantech to digital media and internet businesses. It’s experience that has given him a robust, well-developed and international network. Having also run and successfully exited his own business, Matthew has a deep understanding of the financial and emotional aspects of this demanding process, bringing a unique and authoritative perspective to each business sale.
One of Matthew’s strengths is understanding complex technical value propositions, one of the benefits of training as an electronic engineer. He gets to the heart of what drives a company’s value and communicates this persuasively to potential buyers and investors. Matthew understands a buyer’s motivation intuitively and delivers a compelling rationale for why a business sale should be of strategic interest. His insight consistently yields higher deal values and results in great successes for his clients.