Automotive holographic tech company Envisics has completed its Series C funding round with an additional tranche provided by new investor M&G Investments and follow-on investment from existing investor Van Tuyl Companies.
The first tranche in this round arrived in March when the in-car tech raised $50 million which included investment from Hyundai Mobis, InMotion Ventures, Tarsadia Investments, and GM Ventures, amongst others.
“Envisics continues to attract extremely high-quality strategic investors to the company,” says Envisics’ CEO and founder, Dr. Jamieson Christmas. “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.”
Envisics’ holographic technology enables Augmented Reality Head-Up Displays (AR HUD). 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.
“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," says Mitchell Caplan, President of Tarsadia Investments and Chairman of Envisics Inc.
Lead image via envisics.com
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