British holographics company Envisics has raised around $50 million from several automotive companies for its tech used in augmented reality.
Among the investors in the Series B round include Hyundai Mobis, General Motors’ GM Ventures, SAIC Capital, the venture arm of SAIC Motors, and Van Tuyl Companies (VTC).
Milton-Keynes-based Envisics develops holographic technology used in augmented reality head-up displays (HUDs) that visualises information for drivers in cars.
The funding will be used for continued development and bringing fresh iterations of its technology to market. Hyundai Mobis, a branch of the Korean car maker, will integrate Envisics’ AR HUDs as part of its autonomous driving development.
Envisics CEO Dr. Jamieson Christmas said that enhanced in-car experiences are the next “automotive revolution” after electrification and autonomous vehicles.
“Successfully closing this significant Series B funding round, especially in light of the challenging business climate, is a pivotal moment for Envisics,” he said. “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.”
Envisics was born out of Christmas’s last company Two Trees Photonics, which was acquired by one-time AR darling Daqri in 2015.