DYNAMIC holographic technology pioneer Envisics has welcomed a new investor and fresh investment from an existing backer after completing its Series C funding round.
M&G Investments is to add backing to the company, whose UK head office is in Milton Keynes, while Van Tuyl Companies is to increase its support in the latest funding round.
In March this year, Envisics announced the first phase had raised over $50 million, with the round being led by Hyundai Mobis – an existing strategic investor, with additional investments from new strategic shareholders InMotion Ventures, the investment arm of Jaguar Land Rover, and Stellantis.
Developed at its UK centre of excellence at Knowlhill, Envisics’ holographic technology is behind market-leading Augmented Reality Head-Up Displays, an advanced display technology that is fast becoming a must-have feature for auto makers and consumers alike. The company is pioneering the development and use of holographic technology for automotive and mobility applications.
Envisics chief executive and founder Dr Jamieson Christmas pictured left said: “We continue to make great progress on developing and delivering dynamic holography as a viable product at scale to the world’s leading automakers. The vote of confidence from M&G Investments, together with our recently expanded group of investors, speaks to the significant growth potential for our technology as part of the transformation set to disrupt next generation mobility experiences.”
The UK arm Envisics Ltd is owned by Envisics Inc, based in Delaware USA. Following the Series C financing round, the ownership structure includes strategic investors Tarsadia Investments, GM Ventures, Hyundai Mobis, Jaguar Land Rover’s InMotion Ventures, Stellantis Ventures, SAIC Motors, Van Tuyl Companies and M&G Investments.
Tarsadia Investments president Mitchell Caplan, who is also chairman of Envisics Inc., said: “To have such a strong close to our Series C strategic funding round is a testament to the momentum built by Dr Christmas and the team at Envisics. We were an early investor in Envisics and we welcome the very impressive roster of returning and new investors in this round.”
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 per cent, growing from 1.6 million units in 2022 to 19.1 million in 2032.