OLED Microdisplay maker eMagin has been developing a new VR head mounted display (HMD) that use the company's latest high resolution (2K by 2K) OLED microdisplays and patented optics. The company announced that it has signed a non-exclusive IP licensing agreement for the HMD technology with an undisclosed company.
The deal includes an upfront $1 million licensing free, and a commitment to use eMagin’s OLED microdisplays in the company’s headsets.
In May 2015 eMagin said it completed development of the first version of the HMD, and last month, eMagin announced its financial results for Q3 2015, and the company said that it supplied OLED microdisplay samples to Tier-1 companies working on VR and AR applications. These clients will require a very large volume and the company is in talks with potential foundry partners and also raised $6 million in increase its in-house capacity.