Gasgoo Munich- Capital interest in the electrochromic sector remains intense.
On February 13, LANNRAY announced it had closed a C-round funding worth hundreds of millions of yuan. The round was led by Yuexiu Industrial Investment, with participation from Zhejiang Construction Industrial Investment, Ningbo Haishu Industrial Investment, and the Changzhou Government Investment Fund, while Changjinong increased its stake. Proceeds will primarily fund the construction of a production base in Changzhou and the upgrade of an R&D center in Ningbo, aiming to support the delivery of automotive-grade and consumer electronics film orders.
Image Source: LANNRAY
LANNRAY is currently executing a "1+3" strategy, having established long-term partnerships with leading domestic glass firms to drive technical integration for automotive-grade films. On the client front, the company has secured project designations from top-tier EV startups, with mass production and delivery slated for the first half of 2026. In consumer electronics, its electrochromic technology is expanding into AI and AR glasses, undergoing rapid iteration alongside next-generation products.
Notably, electrochromic technology has recently become a flashpoint for patent disputes within the AR sector. VITURE and XREAL are locked in litigation across China and the U.S. over core dimming patents, touching on the ownership of underlying technologies such as 0.1-second color switching, drive control, and optical path coordination. These legal battles signal that electrochromic solutions in high-end consumer electronics have shifted from an "optional highlight" to a "must-have feature." By strengthening R&D and capacity for consumer electronics films at this juncture, LANNRAY aims to secure a strategic position in the upstream supply chain.
The investor lineup for this round displays clear industrial synergy. Yuexiu Industrial Investment manages assets exceeding 150 billion yuan; Zhejiang Construction Industrial Investment focuses on intelligent construction and new materials; Ningbo Haishu Industrial Investment is a state-owned platform; and the Changzhou Government Investment Fund and Changjinong have deep roots in the new energy vehicle supply chain. The entry of multiple state-backed funds highlights local capital's wager on electrochromic materials across the automotive, construction, and consumer electronics sectors.
With the national standard GB/T 46023.1—2025 for "Smart Color-Changing Automotive Glass" set to take effect in February 2026, the design, testing, and delivery of automotive-grade electrochromic glass now have clear regulatory guidelines. LANNRAY's recent funding and client wins arrive precisely within this critical window between the standard's implementation and the start of mass production.
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