Realfiction utvecklar nästa generations 3D-skärmteknik med bred kommersiell potential

Realfiction är ett teknikbolag som utvecklar nästa generations lösningar för skärmar med flera betraktningsvinklar och 3D-visning utan glasögon. Bolagets egenutvecklade Directional Pixel Technology (DPT) är en teknik som möjliggör flera oberoende 2D- och 3D-vyer i full upplösning från en och samma skärm. Flera personer kan därmed ta del av olika innehåll samtidigt på samma display.

Med en portfölj på 15 patentfamiljer och en kapitallätt affärsmodell inriktad på licensiering och strategiska partnerskap arbetar bolaget för att ta tekniken från validering till kommersialisering.

Missa inte de två ingående intervjuerna med VD Clas Dyrholm och Head of R&D Steen Iversen längre ned i artikeln.

Teknik som möjliggör flera samtidiga 2D- och 3D-vyer 

Tekniken har potentiella användningsområden inom bland annat fordonsindustrin, spel och underhållning, medicinsk bildbehandling, digital skyltning samt professionell visualisering, arkitektur och ingenjörstillämpningar. Därtill ser bolaget möjligheter inom nya områden kopplade till AI och rumsligt innehåll.

Realfiction har en kapitallätt och skalbar affärsmodell med fokus på licensiering och partnerskap. I stället för att bygga upp en egen storskalig tillverkningskapacitet riktar sig bolaget mot OEM-tillverkare och Tier 1-aktörer inom industrin. Bolagets immaterialrättsliga portfölj omfattar 15 patentfamiljer och registrerade varumärken. DPT är utformad för att kunna integreras med LCD-, OLED- och LED-/microLED-skärmteknik, även om den fullständiga multi-view- och multi-user-funktionaliteten i 3D främst kan realiseras med snabbare skärmtekniker som OLED och LED/microLED.

Från teknisk validering till kommersialisering

Realfiction har demonstrerat DPT-teknikens grundläggande funktionalitet genom flera fungerande demonstratorer, däribland lösningar som möjliggör 3D-upplevelser för flera användare samtidigt.

I september 2024 tecknade bolaget sitt första kommersiella avtal kopplat till DPT, värt 7,4 miljoner kronor. Avtalet avsåg utvecklingen av ett kundanpassat konceptbevis, ett så kallat proof of concept. I januari 2025 inledde Realfiction ett samarbete med den kinesiska skärmtillverkaren Shantou Goworld Display, med målet att utveckla och kommersialisera produkter och komponenter baserade på DPT.

Under 2026 fick bolaget en order på två DPT-demonstratorer från en global aktör inom skärmindustrin. Demonstratorerna ska användas i kundens interna utvärdering av tekniken.

Realfiction för även dialog med flera internationella teknik- och skärmbolag om potentiella utvecklingssamarbeten, licensiering och andra former av kommersiellt samarbete. Dessa kontakter utgör en viktig del av bolagets arbete med att etablera DPT på marknaden.

Ny SLM-arkitektur ska möjliggöra industriell skalbarhet

En central komponent i DPT är Spatial Light Modulator (SLM), som styr ljuset från skärmen i specifika riktningar för att skapa de olika betraktningsvyerna.

Realfiction har utvecklat en ny, patentsökt SLM-arkitektur baserad på nematiska flytande kristaller. Lösningen är utformad för att hantera en av de centrala utmaningarna i uppskalningen av DPT-tekniken: att möjliggöra en mer industriellt skalbar produktionsprocess.

Genom att dra nytta av etablerad tillverkningsinfrastruktur för LCD-skärmar har den nya arkitekturen potential att minska produktionskomplexiteten jämfört med bolagets tidigare lösning, som byggde på ferroelektriska flytande kristaller.

Nästa viktiga milstolpe är den fysiska valideringen av den nya nematiska SLM-arkitekturen. En lyckad validering väntas möjliggöra utvecklingen av en kommersiellt representativ utvärderingsplattform, som ger potentiella industripartners möjlighet att utvärdera tekniken i sina egna miljöer och kan skapa förutsättningar för framtida utvecklingssamarbeten och licensavtal.

Strategisk översyn och en bred marknadspotential

I februari 2026 inledde Realfiction en strategisk översyn med stöd av Grant Thornton. Syftet är att utvärdera olika alternativ för att påskynda kommersialiseringen av DPT. Bland de alternativ som utvärderas finns strategiska partnerskap, licensieringslösningar och en försäljning av bolaget eller tekniken. Översynen pågår.

DPT adresserar en bred marknad för nästa generations skärmteknik, med potentiella tillämpningar inom fordonsindustrin, konsumentelektronik, spel, professionell visualisering och medicinska applikationer.

Bolaget ser även möjligheter inom storbilds-tv och nya användningsområden där AI-genererat 3D-innehåll och interaktiva digitala avatarer kan spela en roll. Kombinationen av flera samtidiga betraktningsvyer, 3D utan glasögon och möjligheten att integrera tekniken med etablerade skärmplattformar ger DPT ett brett potentiellt användningsområde.

Värdedrivare framöver

Realfiction har flera potentiella värdedrivare framför sig:

• Fysisk validering av den nya SLM-arkitekturen – ett viktigt steg mot en mer skalbar DPT-lösning.
• Utveckling av en kommersiellt representativ utvärderingsplattform – ger potentiella industripartners möjlighet att utvärdera tekniken.
• Fortsatt dialog med strategiska partners – kan bana väg för utvecklingssamarbeten och kommersiella avtal.
• Licensieringsmöjligheter – kan skapa förutsättningar för kommersialisering genom etablerade aktörer inom skärmindustrin.
• Pågående strategisk översyn – utvärderar partnerskap, licensiering och en eventuell försäljning av DPT-tekniken.

Emissionen i korthet

Teckningsperiod: 13–27 oktober 2026
Emissionsvolym: initialt högst cirka 36 MSEK, före emissionskostnader
Teckningskurs: 0,10 SEK per unit, motsvarande 0,10 SEK per aktie
Värdering (pre-money): 2,52 MSEK (baserat på teckningskursen)

Varje unit består av en (1) aktie och en (1) vederlagsfri teckningsoption av serie TO3. Företrädesemissionen omfattas till cirka 60 procent av ett garantiåtagande.

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REALFICTIONS HEMSIDA

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Intervju med VD och Head of R&D

Nedan följer först en intervju med VD Clas Dyrholm och därefter en intervju med Head of R&D Steen Iversen. Eftersom bolaget har sin bas i Danmark hålls intervjuerna på engelska.

CEO, Clas Dyrholm:

For those who are new to Realfiction, how would you describe Directional Pixel Technology (DPT), and what sets it apart from other glasses-free 3D solutions on the market today?

DPT is a glasses-free display technology that allows a single screen to show several different full-resolution images at the same time. Each image is directed to a specific viewer, or to each eye of each viewer. Most glasses-free 3D displays today use lenses placed in front of the panel, which divides the available pixels between the views. That means lower resolution, a narrow viewing zone and, in practice, often only one viewer. DPT works differently. Instead of lenses, we use a fast-switching Spatial Light Modulator (SLM), combined with time-multiplexing and eye tracking, to steer light in precise directions. The result is full resolution, several simultaneous viewers and the ability to switch seamlessly between 2D, 3D and multi-view.

Realfiction has been developing DPT for several years. Where does the technology stand today, and what has changed over the past twelve months?

The core functionality of DPT has been demonstrated through several working demonstrators, including multi-user 3D, which we showed at Consumer Electronics Show in Las Vegas with very encouraging feedback. What has changed over the past year is mainly our path to industrialisation. Scaling our earlier SLM, based on ferroelectric liquid crystals, to larger display sizes proved complex, because existing manufacturing processes are not optimised for those materials. We have therefore developed a new patent-pending nematic SLM architecture designed to use existing LCD manufacturing infrastructure. External LCD specialists have assessed the design as technically feasible, and we are now working on the physical validation. In parallel, commercial interest has continued to develop, including the previously communicated order for two demonstrators from a global display industry participant.

Why did you decide to develop the new nematic SLM architecture, and why could it be important for the path towards industrialisation?

The SLM is a very important component in DPT, that enables the unique and very fast optical scanning principle. Our challenge has never been whether the principle works, but how to produce the SLM at scale at commercially relevant sizes, such as 27 inches and above. Nematic liquid crystals are used in practically every LCD produced today, so there is an enormous existing manufacturing base. If we can achieve the performance DPT requires with a nematic architecture, the industry would not need new production processes to manufacture the SLM. That could substantially reduce industrialisation complexity, shorten time to market and make DPT considerably easier for partners to adopt. That is why we see it as one of the most important steps in the company’s development at this moment in time.

What exactly will the upcoming physical validation show, and how will you communicate the outcome to the market?

The theoretical work has been done. External LCD specialists have reviewed the design requirements, modelling and specifications, and concluded that the approach appears technically feasible, both at prototype level and for industrial-scale manufacturing. We have even simulated the principle by running our FLC SLM at reduced speed to simulate the response of nematic crystals, and then verifying that the new patent pending scanning algorithm works as intended. The physical validation is about confirming that in practice with nematic crystals and proving that we have no loss in feature or visual quality. We are currently developing the nematic SLM, while verifying key performance parameters such as switching characteristics, contrast, crosstalk suppression and overall system functionality. It is an important milestone, and naturally there is technical risk involved. We will communicate the outcome through a press release once the validation is completed. 

You have said that industry participants are interested in evaluating a more mature DPT platform. What role will the planned evaluation platform play in moving discussions towards commercial agreements?

Our current DPT demonstrators are the first Proof of Concept of the Hybrid Scan principle, which we believe will enable a new generation of 2D and 3D multi-view displays in the future. We have received quite a lot of interest from the industry, but also feedback regarding the current bulky form factor, low panel resolution as well as concerns regarding the use of FLC in the SLM. The evaluation platform is our answer to that, designed to be much more compact, with a higher resolution and replacing the FLC SLM with our new nematic SLM. It is intended to let prospective customers assess the technology in their own environments and use cases, which is typically a prerequisite before a company commits development resources. The development of such a platform is subject to successful completion of the ongoing technical validation and continued engagement with prospective customers. We see it as a key tool for moving more discussions from interest towards development partnerships, licensing agreements or a potential trade sale.

You have previously communicated that a global display industry participant has ordered two DPT demonstrators for internal evaluation. What does an evaluation process like this typically look like, and what could the next step be?

The financial value of the order is not material in itself. What matters is that a company of that size chooses to invest its own time and resources in evaluating DPT internally, which is an important signal. In processes like this, the customer typically tests the technology against its own requirements and use cases, and the outcome forms the basis for whether, and how, to take the dialogue further. I can’t comment on the details or timing of their evaluation, but we will inform the market if it leads to any material developments.

Which applications or market segments do you see as most promising in the near term, and where do you see the greatest long-term potential?

In the near term, we see the strongest interest where multi-view and multi-user functionality creates clear value. Professional visualisation and medical imaging are areas which are already showing a need for collaborative 3D display solutions. There are also emerging areas such as AI-driven 3D avatars and spatial communication devices, where DPT could create a natural sense of presence for several people simultaneously. Automotive is a good example of where 2D multi-view can add value, by allowing the driver and the passenger to see different content on the same screen. In the longer term, we see significant potential in consumer electronics, gaming and large-screen TVs. 

Realfiction’s business model is based on licensing and partnerships. How do you expect revenues to be generated over time, and what does the path from evaluation to a royalty-bearing product typically look like?

We are an IP and technology company, not a manufacturer. Our model is to work with OEMs and Tier-1 suppliers who integrate DPT into their products. Revenue can come at several stages: from sales of evaluation units, from customer-funded development projects, from upfront license fees and ultimately from royalties per display shipped. The path to a royalty-bearing product takes time, since it involves evaluation, development, product qualification and volume production on the partner’s side. That is why development partnerships along the way are so important, both as a source of revenue and as validation. Once the model is in place, it is highly scalable.

The Company is conducting a strategic review supported by Grant Thornton. What is the purpose of the review, and how does it relate to the rights issue?

The purpose is to evaluate the alternatives that can best accelerate the commercialisation of DPT. That could include strategic partnerships, licensing arrangements or other transaction structures, including a potential sale of the technology or the company. Some potential partners prefer structures where they take a more active role in driving commercialisation, and we want to evaluate those options in a structured way. That is why we engaged Grant Thornton. The rights issue gives us the necessary financial base to continue to run the process while continuing to progress the technology in parallel. The review is ongoing, there is no guarantee it will lead to a transaction, and we will inform the market when there is something to report.

What will the proceeds from the rights issue be used for, and what do you expect to have achieved by the time the TO3 warrants can be exercised in April 2027?

After repayment of SEK 4 million of the loan from Fenja Capital and the SEK 2 million Tellus Equity bridge loan, including the arrangement fee and interest on the Tellus bridge loan, the proceeds will mainly be used for three things. The first is completing the physical validation of the nematic SLM architecture. The second is taking the next steps towards a commercially representative evaluation platform. The third is supporting our commercial activities and the strategic review. Before the TO3 exercise period begins in April 2027, our ambition is to have completed the physical validation, completed an evaluation platform that customers can test in their own environments, and to have made progress in our dialogues with industry participants. Shareholders would then have a clearer picture of where the company stands when deciding whether to exercise their warrants.

The rights issue is expected to finance operations until May 2027. How do you view the company’s financing beyond that point?

Based on the underwriting commitment, the rights issue is expected to finance operations until May 2027, this excludes any potential revenues or customer funding from development projects or evaluations. We intend to use the net proceeds from the issue, after repayment of part of the loan that we raised from Fenja Capital in May 2025 and the bridge loan from Tellus Equity, to finance the next stage of the commercialization as explained before. The TO3 warrants in April 2027 can provide additional capital. Beyond that, our ambition is for operations to be increasingly financed through customer-funded development projects and partnerships. Meanwhile, the strategic review may also open up other alternatives as explained above. 

If we meet again in a year, what would you like Realfiction to have achieved?

I would like to have completed the physical validation of the nematic SLM and furthermore have completed an evaluation platform that customers can test in their own environments. I would like to see at least one of our current dialogues develop into a concrete, customer-funded development partnership. I would also like the strategic review to have clarified the best path forward for DPT. If we achieve that, I believe Realfiction will be in a fundamentally different position than today.

Head of R&D, Steen Iversen:

You brought the latest generation of 3D cinema laser projectors to market at IMAX. What similarities and differences do you see in taking DPT to a commercial product?

First, I should emphasise that bringing laser projection to market at IMAX was very much a team effort, involving many talented people across engineering, manufacturing and commercial operations.

One major difference is the business model. IMAX is a vertically integrated company that not only develops the technology but also manufactures, brands, markets, installs and maintains the projection systems. IMAX even participates to some extent in financing installations and co-marketing the cinema experience.

At Realfiction, our task is quite different. We are developing a technology that we want established industry players to integrate into their own products through licensing and partnerships.

What the two have in common is that a successful technical demonstration is only the beginning. The technology also has to deliver a compelling experience, be reliable and manufacturable, and make commercial sense for the companies adopting it.

Realfiction has been developing DPT since 2019. What fundamental limitations of existing glasses-free 3D technologies led you to focus on Hybrid Scan?

We have explored several different approaches over the years, including microlens arrays and directional backlights. Each taught us something valuable about the possibilities and limitations of glasses-free 3D.

One of our key insights was that conventional systems based on fixed optical structures such as microlens arrays not only have to deal with design issues such as chromatic and spherical aberrations, but also face a fundamental challenge: diffraction. As pixel densities increase, diffraction makes it increasingly difficult to maintain clean separation between the images intended for different eyes or viewers, particularly at longer viewing distances. The goal we set for ourselves: to display several different images to individuals in a group of observers, just makes this challenge even greater.

With Hybrid Scan, we took a fundamentally different approach. Instead of transmitting light simultaneously through a periodic array of apertures, we scan the apertures sequentially at very high speed but still with time intervals far exceeding the coherence time of the emitted light. This avoids the multi-aperture interference (diffraction) that contributes to crosstalk in conventional architectures.

The result is a fundamentally different way of controlling the direction of light, opening up the possibility of combining high image resolution with good eye separation and low crosstalk for a group of viewers.

We shifted our development focus entirely to Hybrid Scan approximately 15 months ago, and I think the progress we have demonstrated since then is very encouraging.

From a technical perspective, what makes the nematic SLM approach compelling, and which key parameters are you focusing on in the physical validation?

Hybrid Scan is the core optical invention. The Spatial Light Modulator, or SLM, is the component that makes its very fast optical scanning possible.

Our current demonstrators use ferroelectric liquid crystals because they offer extremely fast switching. However, industrial processes for producing large SLMs using these materials are currently not mature.

Nematic liquid crystals, on the other hand, are used throughout the conventional LCD industry, with a very mature manufacturing infrastructure.

Our new patent-pending nematic SLM architecture is intended to provide the switching performance required by Hybrid Scan while taking advantage of that existing infrastructure.

This could be an important step towards industrialisation, but it is important to understand that the nematic SLM is an enabling technology for Hybrid Scan, rather than the fundamental optical innovation itself.

Our physical validation focuses on switching performance, contrast, suppression of crosstalk and overall system functionality. The theoretical assessment is encouraging, but we need to demonstrate the required performance experimentally.

Where do you see the display industry heading over the next five to ten years, and where does DPT fit in that picture?

I believe we will increasingly see displays that adapt to the people viewing them, rather than simply presenting the same image to everybody. This includes both glasses-free 3D and the ability to show different 2D content to different viewers simultaneously.

One particularly interesting opportunity is the emergence of AI-powered digital avatars. As conversational AI becomes increasingly capable, I believe there will be growing demand for giving these digital personalities a more natural sense of physical presence. We have demonstrated that our technology can be used to establish true mutual eye-contact with a digital avatar (in 2D or 3D). This is very different from the well-known simple gaze correction used in some video conferencing systems, and was in fact a remarkable experience, creating an almost emotional connection with the avatar – much different from the experience on a normal display.

Hospitality is an interesting potential business case. Imagine an AI-powered hotel receptionist or concierge that appears as a lifelike presence rather than just a face on a conventional flat screen, and that can interact naturally with guests.

Other applications include telepresence, automotive displays, professional visualisation and, eventually, consumer electronics.

What excites me is not simply the prospect of better 3D displays, but the possibility of creating entirely new experiences and ways of interacting with digital content.

What would it take for DPT to become a standard component in future displays, and how does Realfiction’s patent portfolio position the company in that development?

The technology must deliver something that conventional displays cannot, while also being practical and commercially attractive for established manufacturers to adopt.

Hybrid Scan offers a fundamentally different approach to directing light and providing individual images to multiple viewers. The nematic SLM architecture is intended to make this approach compatible with existing LCD manufacturing infrastructure, which could significantly lower the barriers to adoption.

The next important steps are physical validation, larger evaluation platforms and working with industry partners on specific applications.

Our patent portfolio, comprising 15 patent families together with an exclusive licence to certain 3D patents from the Hong Kong University of Science and Technology, protects different aspects of the technology.

I believe our strongest position comes from the combination of a distinctive underlying optical architecture, practical routes towards manufacturing and applications where the technology can deliver clear value.

BESÖK REALFICTIONS HEMSIDA

Detta material har på uppdrag av Realfiction Holding AB upprättats i marknadsföringssyfte och är inte och ska inte anses utgöra ett erbjudande. Erbjudandet lämnas endast genom det informationsmemorandum som Realfiction Holding AB offentliggjorde den 9 oktober 2026 och som finns tillgängligt på bolagets webbplats, www.realfiction.com. Investerare uppmanas att läsa informationsmemorandumet i sin helhet, inklusive avsnittet om riskfaktorer, innan ett investeringsbeslut fattas. Handel med värdepapper innebär alltid en risk. Historisk avkastning är inte någon garanti för framtida avkastning. Investeringar i värdepapper kan både öka och minska i värde och det är inte säkert att du får tillbaka det investerade kapitalet. Medarbetare på Nyemissioner.se och närstående bolag kan äga aktier eller ha annan ekonomisk exponering mot bolaget.