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Google backs Distance, startup bringing mixed reality to cars, planes

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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.

GV, which was formerly known as Google Ventures and counts the internet search giant’s holding company Alphabet as its sole limited partner, told CNBC that it was attracted to invest in Distance due to the “potential to build the next-generation of user interfaces.”

“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’s HoloLens 2 devices both start at $3,500 — and they’re not cheap to make, either. A new AR glasses concept device Meta 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.

Meta unveils Orion AR glasses

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.”

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10-year Treasury yield rises above 4.6% ahead of jobless claims

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Traders work at the New York Stock Exchange on Dec. 17, 2024.

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Treasury yields rose Thursday morning as investors awaited new data on jobless claims.

The yield on the 10-year Treasury jumped 4 basis points 4.627%. The 2-year Treasury traded 1 basis point higher at 4.353%.

One basis point is equal to 0.01%. Yields move inversely to prices.

Jobless claims for the week ended Dec.21 are expected to total 225,000, according to an estimate from Dow Jones. Claims for the prior week totaled 220,000.

The benchmark 10-year rate has climbed more than 40 basis points this month. The bulk of the advance came after the Federal Reserve pared down rate-cut projections, indicating only two more interest rate cuts in 2025, down from the four potential cuts penciled in during September.

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Top personal finance New Year’s resolutions for 2025

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The elevated inflation in recent years continued to wreak havoc on many Americans’ wallets in 2024, but the start of the new year provides a great opportunity to set new financial goals to get back on track.

“As we step into 2025, the country’s financial landscape calls for proactive resolutions to address rising concerns such as inflation and debt,” WalletHub analyst Chris Lupo told FOX Business. “Top financial resolutions for 2025 should be focused on smart budgeting, saving, and debt repayment.”

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Many Americans set new financial goals at the start of the New Year (iStock / iStock)

Here are some of the top financial New Year’s resolutions for 2025, according to WalletHub:

1. Make a realistic budget and stick to it

“With Americans carrying nearly $1.3 trillion in credit card debt, setting realistic budgets is a must,” Lupo said.

CREDIT CARD DEBT SURGES TO ANOTHER RECORD HIGH, NEW YORK FED DATA SHOWS

2. Save more money

Lupo says saving is also key, as many households lack emergency funds. He suggests starting small with a goal of saving two months’ take-home pay and working your way up to a year’s worth.

“Don’t forget to maximize your earnings: 5%+ APYs on online savings accounts make switching banks worthwhile,” he noted, adding that high-yield Certificates of Deposit (CDs) are also worth considering.

3. Explore ways to refinance high interest rates

High-interest debt is costly, so Lupo says to consider tools like balance transfer cards or debt consolidation loans to cut costs. 

4. Repay 25% of your credit card debt

The average American is currently carrying more than $10,000 in credit card debt, and the sooner it can be tackled, the better. WalletHub says it is important to get serious about it, but suggests it is probably best to start small by setting a goal of chipping away at a quarter of it over the course of the year.

COUPLE REVEALS HOW THEY GAINED THEIR OWN FINANCIAL INDEPENDENCE

5. Fight back against inflation

Look for ways to cut costs in everyday expenses, like shopping around for everything you buy, taking advantage of deals and coupons, turning the thermostat down, buying in bulk and cutting back until prices come down.

Grocery shopping

WalletHub suggests fighting back against high prices by shopping around and finding the best price on everyday items. (Paola Chapdelaine for The Washington Post via Getty Images / Getty Images)

WalletHub has another 10 suggestions for 2025 financial resolutions, including paying bills right after getting your paycheck, making sure you have enough insurance for a catastrophe, protecting your identity, brushing up on your financial literacy, and even looking for a better job.

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“Focus on financial literacy and healthy money habits, like paying bills immediately after payday,” Lupo said. “These steps will help make 2025 a financially healthier year.”

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