Envisics, a UK-based holographic head-up display technology company, has secured over $50 million as part of its Series C strategic funding round led by South Korea-based Hyundai Mobis.
With this funding round, the valuation of the company doubled to $500 million from $250 million in 2020, reports TechCrunch.
New strategic shareholders InMotion Ventures (backed Carmoola), the investment arm of Jaguar Land Rover and Stellantis, also participated.
Based out of Milton Keynes, Envisics will use the funds to accelerate product development and delivery.
Following the Series C financing round, the ownership structure includes strategic investors Tarsadia Investments, GM Ventures, Hyundai Mobis, Stellantis Ventures, SAIC Motors, and Van Tuyl Companies.
“Since our Series B funding round we have focused on growing Envisics into a key enabler for next-generation mobility experiences,” said Envisics’ CEO and founder, Dr. Jamieson Christmas.
“The caliber of our investors demonstrates the significance attached by global automakers to the transformation of vehicle interfaces and interior architectures. Our solutions are an exceptional fit for OEM requirements and provide platforms that enable the creation of unique brand experiences. Envisics stands apart as the only company that has created and delivered dynamic holographic technology as a viable product at scale,” adds Dr. Jamieson.
Founded by Dr. Jamieson Christmas, Envisics develops holographic technologies for augmented reality head-up displays (AR-HUDs) and automotive sensor systems.
The company leverages the power of holography and laser-based light sources to provide the highest possible image quality.
According to Envisics, General Motors will be the first company to deploy the Envisics 2nd Generation AR-HUD technology, debuting on the Cadillac LYRIQ.
Mitchell Caplan, President of Tarsadia Investments and Chairman of Envisics Inc., commented: “As early investors in Envisics, we have seen both an acceleration of their technology and a shift in the market towards AR HUD solutions. This latest funding round gives Envisics the runway needed to realize the commercial potential of dynamic holography in the auto industry and beyond.”
“Hyundai Mobis is very pleased to continue our strategic partnership with Envisics to jointly develop AR-HUDs and to improve the in-car experience.” said Younghoon Han, Vice President and Head of Electronic Control and Convenience, Hyundai Mobis, “Hyundai Mobis expects to provide next-generation AR-HUDs with cutting-edge holographic technology, and to deliver an intuitive, safe, and convenient HMI to global automakers by strengthening our partnership with Envisics.”
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