Recently, Hardstone completed a Series A+ financing round with tens of millions RMB, exclusively invested by Geely Hotong Capital. The funds raised will be used to increase investment in innovation and R&D, expand production capacity, and accelerate product delivery, thereby significantly enhancing Hardstone's competitiveness and market share in the AR-HUD market.
Currently, the smart cockpit has become the core trend in the future development of automobiles, with broad market prospects. Since its inception, Hardstone has strategically positioned itself in the global automotive market with a forward-looking vision. It has now secured multiple domestic and international pre-installation projects and achieved mass production and delivery. In January this year, Hardstone successfully mass-produced AR-HUDs exclusively supplied to a leading domestic car manufacturer. Several automotive pre-installation AR-HUD projects are also being implemented both domestically and internationally.
In the long term, the growth of the smart cockpit sector will no longer rely on the penetration rate of basic functions but will focus on new intelligent applications that can create differentiated experiences, driving the growth of vehicle value. As a key carrier for human-vehicle interaction, AR-HUD can provide personalized interactive experiences and is undoubtedly one of the best levers to tap into the smart cockpit market. The HUD market is expected to experience explosive growth in the coming years, bringing considerable investment returns. Market data shows that the global head-up display (HUD) market is steadily expanding, with a projected size of $1.84 billion in 2024, expected to reach $4.76 billion by 2030, with a compound annual growth rate (CAGR) of 17.17% from 2024 to 2030.
Notably, as a leading company in the HUD industry, Hardstone has achieved full-stack self-research in optics, electronics, structure, software, and algorithms, with several technical indicators leading the industry. Now, Hardstone's self-developed, industry-leading LCoS AR-HUD solution has achieved automotive-grade mass production capabilities, poised to seize market opportunities.
In the future, Hardstone will continue to focus on R&D, continuously iterating and upgrading products to help customers maintain competitiveness in the ever-changing smart automotive market with more differentiated product advantages. The recognition from Geely Hotong Capital further demonstrates the capital market's confidence in Hardstone and its development in the automotive smart cockpit field, especially in AR-HUD technology. Hardstone will continue to leverage its first-mover advantage in the automotive electronics industry, empowering the smart automotive cockpit with its fully self-developed AR-HUD. At the same time, Hardstone will continuously innovate and improve its market competitiveness, empowering partners with even more impressive achievements.
Geely Hotong Capital is a subsidiary of Zhejiang Geely Holding Group Co., Ltd., focusing on investments in new energy vehicles, intelligent driving, intelligent manufacturing, and related fields. It is dedicated to finding early to growth-stage industry innovators and leaders in niche markets, providing strategic value-added services and systematic empowerment to portfolio companies by leveraging Geely Holding Group's industrial chain resources and global layout, assisting them in achieving leapfrog development opportunities in the wave of globalization.
