Distance Technologies develops a product that it says can turn any transparent surface into an augmented-reality display.
Distance Technologies
Distance Technologies, a Finnish startup that aims to bring mixed-reality technology to any car windshield or plane cockpit, has raised 10 million euros ($11.1 million) of funding from GV, the venture capital arm of Alphabet and other investors.
Distance raised the cash injection in a seed round led by GV, with existing investors FOV Ventures and Maki.vc also stumping up more cash for the startup, the company told CNBC on Thursday.
Helsinki-headquartered Distance develops technology that it says can turn any transparent surface into an augmented-reality display, enabling the user to see 3D digital objects overlayed on top of the panel they’re viewing.
This avoids the need for any clunky hardware, like a mixed reality headset or augmented reality glasses, both of which require a user to pull an actual device over their eyes to immerse themselves in the experience.
“One of the great barriers for mixed-reality is that, as long as you need to put something on your head, it will never be effortless or elegant as a solution,” Urho Konttori, CEO and co-founder of Distance, told CNBC in an interview earlier this week. Konttori was formerly chief technology officer of Varjo, another Helsinki-based mixed-reality firm.
Distance is primarily focused on selling into the auto, aerospace and defense markets.
The way Distance works is by using tracking technology to identify where you are looking and then compute the correct light field to match the exact positions of your eyes, according to Konttori.
Distance’s solution adds a set of optics layers on top of most liquid crystal displays (LCDs), which allow its tech to beam an image onto the places where your eyes are focusing.
Using this technique, Distance can separate the light fields into your left and right eyes, while also creating an additional optical layer underneath that creates a high brightness.
Distance says its system is capable of “infinite” pixel depth, meaning it can create a life-size field of view in any setting — whether behind the wheel of a car or flying an F-18 fighter jet.
“We are particularly excited about how some of the nearer-term pathways to bring this to market in automotive and aerospace allow the potential for users to get their hands on this technology,” Roni Hiranand, principal at GV, told CNBC.
Commercializing mixed reality isn’t an easy feat. For one, mixed-reality devices are still expensive. Apple’s Vision Pro and Microsoft’sHoloLens 2 devices both start at $3,500 — and they’re not cheap to make, either. A new AR glasses concept deviceMeta unveiled Wednesday reportedly cost the firm $10,000 per unit to make, according to The Verge.
Meta was not immediately available for comment when contacted by CNBC.
Augmented reality heads-up displays, or HUDs, aren’t a new phenomenon in the automotive industry. Companies have been working to add AR features to cars for several years, with tech giant Huawei among the early movers to pioneer the tech in China.
A slew of other display technology firms are developing their own AR HUDs for cars, including First International Computer, Spectralics, Envisics, Futurus, CY Vision, Raythink, Denso, Bosch, Continental, and Panasonic.
According to Distance Technologies Chief Marketing Officer Jussi Mäkinen, the company’s system can cover the entire surface of any transparent surface, not just a specific corner or the bottom half of a display — a limitation that most automotive AR HUDs are facing today.
“The main difference here is that we are driven by the software,” Mäkinen told CNBC.
The company previously showcased a proof-of-concept version of its technology at the Augmented World Expo USA 2024 mixed-reality industry trade show in June.
For now, Distance has had to use simple optics and normal LCD displays to demonstrate its technology to prospective partners and investors. Going forward, Konttori said he’s getting ready to push a “very expensive” button: advancing Distance’s optics technology into what he calls the next generation early next year.
“I would say that we have been in the research cycle now,” Distance’s CEO said. “Now, we are switching into the product cycle. And the key thing to do is work with somebody who will become your customer … one or two to work very closely with, and then a finalized product specification.”
Janet Yellen, U.S. Treasury secretary, on a tour of the Financial Crimes Enforcement Network (FinCEN) in Vienna, Virginia, on Jan. 8, 2024.
Valerie Plesch/Bloomberg via Getty Images
The U.S. Treasury Department has delayed the deadline for millions of small businesses to Jan. 13, 2025, to file a new form, known as a Beneficial Ownership Information report.
The Treasury had initially required many businesses to file the report to the agency’s Financial Crimes Enforcement Network, known as FinCEN, by Jan. 1. Noncompliance carries potential fines that could exceed $10,000.
This delay comes as a result of legal challenges to the new reporting requirement under the Corporate Transparency Act.
The rule applies to about 32.6 million businesses, including certain corporations, limited liability companies and others, according to federal estimates.
Businesses and owners that didn’t comply would potentially face civil penalties of up to $591 a day, adjusted for inflation, according to FinCEN. They could also face up to $10,000 in criminal fines and up to two years in prison.
However, many small businesses are exempt. For example, those with over $5 million in gross sales and more than 20 full-time employees may not need to file a report.
Why Treasury delayed the BOI reporting requirement
The Treasury delayed the compliance deadline following a recent court ruling.
A federal court in Texas on Dec. 3 had issued a nationwide preliminary injunction that temporarily blocked FinCEN from enforcing the rule. However, the 5th U.S. Circuit Court of Appeals reversed that injunction on Monday.
“Because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline,” according to the FinCEN website.
FinCEN didn’t return a request from CNBC for comment about the number of businesses that have filed a BOI report to date.
Some data, however, suggests few have done so.
The federal government had received about 9.5 million filings as of Dec. 1, according to statistics that FinCEN provided to the office of Rep. French Hill, R-Ark. That figure is about 30% of the estimated total.
Hill has called for the repeal of the Corporate Transparency Act, passed in 2021, which created the BOI requirement. Hill’s office provided the data to CNBC.
“Most non-exempt reporting companies have not filed their initial reports, presumably because they are unaware of the requirement,” Daniel Stipano, a partner at law firm Davis Polk & Wardwell, wrote in an e-mail.
There’s a potential silver lining for businesses: It’s “unlikely” FinCEN would impose financial penalties “except in cases of bad faith or intentional violations,” Stipano said.
“In its public statements, FinCEN has made clear that its primary goal at this point is to educate the public about the requirement, as opposed to taking enforcement actions against noncompliant companies,” he said.
Certain businesses are exempt from BOI filing
The BOI filing isn’t an annual requirement. Businesses only need to resubmit the form to update or correct information.
Many exempt businesses — such as large companies, banks, credit unions, tax-exempt entities and public utilities — already furnish similar data.
Businesses have different compliance deadlines depending on when they were formed.
For example, those created or registered before 2024 have until Jan. 13, 2025, to file their initial BOI reports, according to FinCEN. Those that do so on or after Jan. 1, 2025, have 30 days to file a report.
There will likely be additional court rulings that could impact reporting, Stipano said.
For one, litigation is ongoing in the 5th Circuit, which hasn’t formally ruled on the constitutionality of the Corporate Transparency Act.
“Judicial actions challenging the law have been brought in multiple jurisdictions, and these actions may eventually reach the Supreme Court,” he wrote. “As of now, it is unclear whether the incoming Trump administration will continue to support the Government’s position in these cases.”
Check out the companies making headlines in midday trading: KULR Technology Group — The space technology company skyrocketed more than 26% after it bought 217.18 bitcoin worth about $21 million. The cryptocurrency purchase was the first for the company since it announced a new bitcoin treasury initiative on Dec. 4, the day bitcoin hit the $100,000 level for the first time . KULR plans to allocate up to 90% of its surplus cash to bitcoin, borrowing a page from MicroStrategy’s playbook. Honda — U.S.-listed shares rallied 4%, continuing to advance after the automaker announced official merger talks earlier this week with fellow Japanese automaker Nissan. That gain raised its week-to-date advance above 18%. Toyota Motor — Shares climbed more than 8% after Nikkei, citing an executive who asked not to be named, reported that the automaker plans to double its return on equity, or ROE, target to 20% . Alibaba — Shares of the e-commerce giant rose about 1% on the heels of an announcement of a joint venture with South Korean retailer Shinsegae. Alibaba’s stock is still down more than 1% in December. GameStop — Shares of the video game retailer jumped about 4%, extending its gains from Tuesday. GameStop has risen four straight days and climbed nearly 85% this year. Crypto stocks — Stocks tied to the price of bitcoin cut earlier losses but remained under pressure with the cryptocurrency. Bitcoin is hovering at the $96,000 level and about 11% off its record. Shares of Coinbase were down nearly 2%, while MicroStrategy dipped about 3%. Miners Mara Holdings and Iren were each lower by more than 2%. Broadcom — Broadcom shares gained nearly 3% to build on a strong year-to-date and December rally. The stock is up about 51% this month and has notched new highs. Shares have rallied 119% in 2024. Assembly Biosciences — The biotechnology stock popped 4% after reporting “encouraging” results from a clinical trial for a chronic hepatitis B treatment. Enrollment is currently underway for the second cohort. Kewaunee Scientific — The health-care product maker advanced 3% after Chief Financial Officer Donald Gardner disclosed a sale of 2,000 shares of common stock. Following the sale, Gardner beneficially owns 22,600 shares. — CNBC’s Pia Singh, Tanaya Macheel, Jesse Pound, Sean Conlon and Samantha Subin contributed reporting.
Check out the companies making headlines before the stock market opens. GameStop – Shares jumped more than 4%, extending their gains from Tuesday. The video game retailer has risen four straight days and climbed more than 77% in 2024. Crypto stocks – Stocks linked to the price of bitcoin moved lower as the cryptocurrency slid on Thursday. Shares of bitcoin proxy MicroStrategy fell about 3%, and crypto services provider Coinbase dropped about 2%. Bitcoin miner Riot Platforms pulled back more than 2%. Honda – U.S.-listed shares rose more than 4%, bringing this week’s advance to advance to about 14%, on the heels of merger talks announced at the start of the week with fellow Japanese automaker Nissan. The move also comes amid a rally among Asia-Pacific stocks following a report that Japan’s government is reportedly set to propose a record $735 billion budget. Starbucks – Shares edged down 0.4% after the coffee chain’s workers expanded a strike earlier this week. The holiday work action now affects more than 300 stores in 45 states. American Airlines – The airline fell 0.6% after the Fort Worth-based carrier was forced to temporarily halt flights on Tuesday morning due to a computer glitch that caused a systemwide ground stop. American ended Tuesday 0.6% higher. — CNBC’s Alex Harring and Jesse Pound contributed reporting.