How Morphotonics Will Use Its €40M+ Series B to Scale Waveguide Production

Veldhoven-based Morphotonics is putting its latest financing behind a manufacturing problem: making the transparent waveguides that project digital images into smart glasses at volumes suitable for consumer devices. Its September 22, 2026 announcement described a Series B of more than €40 million to scale equipment for those waveguides and other advanced photonic components.15

Where the funding will go

The immediate priority is to increase production capacity for Cypris, Morphotonics’ waveguide-manufacturing platform, while continuing product development. Reporting also identifies expansion of engineering, commercial and after-sales teams as planned uses of the capital. The available sources do not assign amounts to those activities or confirm a detailed budget for supplier networks and support infrastructure.535

Existing backers 3M Ventures, Innovation Industries and BOM continued their support. Invest-NL joined as a major new investor, with the EIC Fund, Ernij Next and the European Investment Bank (EIB) also participating.7 The €20 million EIB contribution is a convertible loan, so the more-than-€40-million financing total should not be mistaken for an all-equity raise.13 The Series B began with an earlier closing in 2024; the September 2026 figure represents the expanded round, not necessarily cash raised entirely that month.208

How Cypris addresses the waveguide bottleneck

Waveguides are transparent optical components that place digital imagery in a glasses wearer’s field of view. Morphotonics says producing them at consumer-electronics scale is difficult—a constraint that better AI software alone cannot remove.515

Morphotonics builds large-area nanoimprint lithography equipment rather than finished glasses. Nanoimprinting uses a precision mould to replicate tiny surface patterns in a material; the company’s approach is intended to repeat those patterns across larger manufacturing areas.1233 Its Cypris X700 was unveiled in December 2025 as a system designed for multi-wafer and large-panel production of AR waveguides.29 Processing more optical substrates per run is the proposed route to greater throughput and lower unit costs while retaining the pattern precision the components require.2931

That is a scale-up strategy, not proof of its eventual economics. The supplied evidence does not independently establish production-wide yields, achieved cost savings or how much design flexibility customers gain.

Development, customers and applications beyond glasses

During 2025, Morphotonics introduced its Cypris X600 platform and opened a China office to work more closely with Asian customers.21 By April 2026, the company said initial Cypris units had been delivered for testing and that an Asian contract manufacturer had ordered a system to produce components for a major US brand. It also reported building a US team.27 Reporting describes teams or customer activity in China, Taiwan, South Korea and the US, but does not establish the full scope of individual manufacturing partnerships across those markets and Europe.23

Beyond glasses, Morphotonics identifies co-packaged optics among the photonic manufacturing opportunities it wants to pursue, and reporting says it is targeting optical components for data centres.58 Those are expansion plans, not evidence that the new applications have reached high-volume commercial production. The central test for the funding remains whether Cypris can help customers manufacture precise waveguides reliably and affordably enough for display-equipped glasses to reach a broader market.1529