Swave and the EIC Accelerator: Holograms for AR Glasses

Swave Photonics, founded in Leuven in 2022, develops a spatial light modulator, a display chip whose pixels are smaller than the wavelength of visible light, so it can create true holograms with a wide field of view for augmented reality glasses instead of flat images. It says this avoids the eye strain of today's headsets, where images sit at one fixed focal distance. It was selected in the EIC Accelerator's June 2023 cut-off with blended finance and received an EU grant of €2.49 million for HXR, a €3.56 million project that ran from March 2024 to April 2026, according to CORDIS. The aim was to bring its chip "to TRL 8", ready for production.

The only public report, to March 2025, describes characterisation of the prototype chip to design the next one, work on a miniature light engine and optical combiner for glasses, and a first complete implementation of a real-time hologram algorithm on an FPGA in January 2025, according to the CORDIS reporting page. That month Swave closed a €27 million Series A co-led by imec.xpand and SFPIM Relaunch, with the EIC Fund among the new investors, according to Swave. No final report is public, and no AR glasses using Swave's chip have been announced.

Where Swave Stands Now

In June 2025 Swave added €6 million to its Series A from IAG Capital Partners and Samsung Ventures, and named a chief financial officer, according to its press releases. Its Belgian accounts show a net loss of €12.0 million in 2025, up from €8.4 million in 2024, equity of €20.8 million and 19.9 full-time staff, according to Companyweb. The company also runs a US subsidiary in Redmond. Its press releases stop in June 2025.

The Technology: Pixels Smaller Than Light

Holography needs a display that can shape light waves, and the wider the viewing angle, the smaller the pixels must be. Existing spatial light modulators cannot go below about one micrometre per pixel, the report says, which makes the field of view too narrow for glasses. Swave's pixels are below the wavelength of visible light. It also needs algorithms that compute holograms in real time and optics small enough for a spectacle frame, which the project also worked on.

What the EIC Award Promised, and What the Record Shows

The award promised a chip at technology readiness level 8, close to production, with the algorithms and optics around it. At the halfway point, the prototype chip had been characterised, the next chip was being designed, and the hologram algorithm ran on an FPGA. Whether the TRL 8 chip was reached by April 2026 is not public. The EIC Fund's investment in the Series A shows confidence, but is not evidence of delivery.

1. Prototype characterisationDeliveredPer first report.
2. Real-time hologram algorithmDeliveredOn FPGA, January 2025.
3. TRL 8 chipUnverifiedNo final report.
4. Product in glassesNot yetNone announced.

The Money

The EU paid 70% of the project. Swave has raised €43 million in equity since 2023, counting its €10 million seed round, and the EIC Fund is among its shareholders. Losses have grown every year as it builds chips, which are expensive to design and make. With €20.8 million of equity at the end of 2025, it has runway, but no revenue from displays yet.

What Cannot Be Checked

Why Europe Should Care

The report cites Google, Microsoft, Apple and Meta as the companies that have tried and failed to make AR glasses a mass product. A European supplier of the core display chip would give Europe a place in that supply chain. Swave has attracted investors including Samsung's venture arm; the test is whether its chip makes it into glasses people buy.

The Verdict

Swave and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.