Envisics picks up £42m for holographic vehicle tech
A startup making heads-up displays to project holograms in vehicles has attracted investment from Jaguar Land Rover and Hyundai Mobis in a $50m (£42.2m) funding round.
Envisics has developed display digital graphics to layer on top of the real world to provide information such as vehicle information and navigation assistance.
The Milton Keynes-based company is now valued at $500m (£421.9m) following the Series C funding round.
It will use the capital boost to continue its work with automakers like Jaguar Land Rover, which has been using Envisics technology in its vehicles since 2010. General Motors will also deploy Envisics’ holographic tech in its Cadillac LYRIQ SUV.
Mitchell Caplan, president of Tarsadia Investments and chairman of Envisics, said: “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 realise the commercial potential of dynamic holography in the auto industry and beyond.”
Envisics’ investment round was led by Hyundai Mobis, with further capital deployed by Jaguar Land Rover’s investment division InMotion Ventures and Stellantis.
Younghoon Han, VP and head of electronic control and convenience at Hyundai Mobis, said: “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.”
Previous backers of the holographic firm include General Motors Ventures and Tarsadia.
Jaguar Land Rover last month launched three self-driving hubs and hired 100 engineers.