• Wed. May 29th, 2024

Scotland Connected

Hopping Across Scotland From Hub To Hub

Envisics Attracts New Investments from Hyundai Mobis, GM Ventures, Stellantis and Jaguar Land Rover’s InMotion Ventures – Global Leader in Holographic Head-Up Display Technology Receives over $50M in Funding and $500M Post-Money Valuation

Byadmin

Apr 20, 2023
  • Long-term investors Hyundai Mobis, GM Ventures, and Tarsadia Investments are joined by Jaguar Land Rover’s InMotion Ventures and Stellantis Ventures as new strategic shareholders.
  • Envisics, headquartered in the UK, is a deep technology company and global leader in dynamic holographic technology delivering advanced product solutions to the world’s automakers.
  • New investment will accelerate the pace of product development and delivery.

Milton Keynes, UK, March 9th 2023 – Envisics, pioneer and global leader in dynamic holographic technology has today announced receiving over $50m as part of its Series C strategic funding round. The round was led by Hyundai Mobis – a strategic investor from the Series B round in 2020 – with additional investments from new strategic shareholders InMotion Ventures, the investment arm of Jaguar Land Rover, and Stellantis.

Envisics’ holographic technology enables market leading Augmented Reality Head-Up Displays (AR HUD), an advanced display technology that is fast becoming a must-have feature for auto makers and consumers alike.

“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.”

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 a leading global automotive Tier-1 supplier that is enabling the transformation of the in-car experience through the development and fusion of new technologies.

“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.”

General Motors will be the first company to deploy the Envisics 2nd Generation AR-HUD technology, debuting in the 2024 Cadillac LYRIQ.

“Our collaboration with Envisics is moving into production this year, as we add AR-HUD technology to the all-electric 2024 Cadillac LYRIQ,” said Sandy Lipscomb, Senior Manager, Ultifi Design at General Motors. “This innovation will further elevate the driving experience in the LYRIQ, adding a second plane of graphics that gives drivers more immersive information integrated within their natural field of vision.”

In 2010, Jaguar Land Rover were the first automaker to realize the potential of Envisics Holographic technology for HUD applications and was the first OEM customer of this technology.

“Partnering with leaders in their fields is at the heart of our Reimagine strategy. InMotion Venture’s investment in Envisics is exciting news. It strengthens our partnership as we develop next generation augmented reality technologies for future Head Up Displays in Jaguar Land Rover’s modern luxury cars. Together, we can create a world leading user interface for our customers,” commented Thomas Müller, Director, Product Engineering at Jaguar Land Rover.

In 2022, Stellantis recognized Envisics in its prestigious Stellantis Startup Awards, winning the Automotive Tech category for the company’s pioneering work in AR-HUD.

“Envisics has been a great partner to work with. We share the same determination to create new, innovative products that can make a real difference for our customers,” said Adam Bazih, Managing Director and Head of Stellantis Ventures. “We are proud to see how startups companies like Envisics, which are developing cutting-edge technology, will accelerate Stellantis’ efforts in shaping a more sustainable and exciting mobility experience.”

Envisics Ltd. is a private company registered and headquartered in the U.K. Envisics Ltd. is owned by Envisics Inc., a Delaware corporation. 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. 

The AR HUD market is entering a growth phase fueled by the introduction of new technologies, such as those being developed by Envisics. Based upon global market research, the addressable AR HUD market is forecast to deliver a compound annual growth rate of 28%, growing from 1.6 million units in 2022 to 19.1 million in 2032. Headquartered in Milton Keynes, UK, Envisics has built a center of excellence where it is pioneering the deployment of holographic technologies for automotive and mobility applications.

Citi served as financial advisor and Orrick served as legal counsel to Envisics.

By admin