AR Car Technology Firm Envisics Raises $50m Series B Funding

Drivers of modern cars will know that holograms have started appearing in the windscreen, alerting drivers to hazards ahead, and showing the speed limit in real time. There is obviously huge potential in enhancing this tech in the future. Now Envisics, a market leader and inventor of enabling dynamic holographic technologies for augmented reality head-up displays (AR HUDs), has received an investment of ~$50m from a number of highly complementary blue-chip automotive companies following the successful closing of its series B strategic funding round.

The group of investors recognising the potential of Envisics’ revolutionary approach includes Hyundai Mobis, the global tier 1 automotive supplier, GM Ventures, the venture capital subsidiary of General Motors, SAIC Capital, the venture investment business of SAIC Motors and Van Tuyl Companies, a US-based family office investment firm.

Envisics is an innovative, market leader that has developed a patent-protected, dynamic holographic platform that enables true holography across multiple mobility applications. With a successful track record of commercialising its technology, Envisics has been qualifying its next generation of holographic technology for series production. This investment allows Envisics to scale its business operations globally as it meets an exponential growth in demand for its AR-HUD technology from leading automotive manufacturers. It further enables the company to accelerate the development of future holographic technologies.

Dr. Jamieson Christmas, Envisics’ founder and CEO, commented:

“Enhanced in-car experience is the next automotive revolution that goes hand in hand with electrification and the development of autonomous vehicles. Our technology is class leading and is extremely well placed to meet current and future requirements.

Successfully closing this significant Series-B funding round, especially in light of the challenging business climate, is a pivotal moment for Envisics. The addition of these blue chip automotive companies to our shareholder base, will be instrumental in guiding Envisics to future success as we focus upon the commercialisation of our true holographic technology.”

Tarsadia Investments, a US-based family office whose clients constitute Envisics’ largest shareholder, welcomes the new strategic partners. Mitchell Caplan, President of Tarsadia Investments, commented: “We have supported the Company since 2015 and are strong believers in the enormous commercial potential of Envisics’ technology and the capabilities of its leadership team. We are very pleased to see this group of blue-chip automotive companies joining us during this next phase of the Company’s evolution.”

“Hyundai Mobis will jointly develop autonomous driving specialized AR HUDs with Envisics, targeting mass production by 2025,” Executive Vice President, CTO, Sung Hwan Cho said. “We will proactively present the next generation AR HUD to global automakers with increased safety and convenience to avoid distracting the driver.”

“GM is very impressed with Envisics’ holographic augmented reality-enhanced head-up display technology,” said Matt Tsien, president of GM Ventures. “This technology will help us revolutionize the in-vehicle experience with a variety of safe, highly integrated and intuitive applications, including applications that will enhance the hands-free driving experience in future EVs, like the Cadillac LYRIQ.”

Michael Cohen, Investment Director at SAIC Capital said, “We are very excited to be part of Envisics journey to commercialize its revolutionary holographic technology and look forward to partnering with them to deploy advanced AR-HUDs in our next generation of cars for both the Chinese domestic and global markets.”

Evercore served as financial advisor and Orrick, Herrington & Sutcliffe LLP as legal counsel to Envisics.

About Envisics

Envisics is a globally-renowned dynamic holography pioneer. Since 2010, Envisics has been developing holographic technologies for augmented reality head-up displays (AR-HUDs) and automotive sensor systems. Envisics’ technology harnesses the power of holography and laser-based light sources to provide the highest possible image quality. The advancement of Envisics’ technology has the opportunity to transform automotive displays and revolutionize the in-car experience. In partnership with the world’s leading automakers and tier-one suppliers, Envisics is making the future of holographic technology a reality for smarter and safer vehicles.

For more information about Envisics please visit: www.envisics.com

About alastair walker 4514 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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