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.
MILTON KEYNES, England, March 10, 2023 /PRNewswire/ -- 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 dtermination 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.
Contact : [email protected]
Envisics is a globally renowned dynamic holography pioneer, focused on developing holographic technologies for augmented reality head-up displays (AR-HUDs) and automotive sensor systems. ENVISICS branded technology harnesses the power of holography and laser-based light sources to provide the highest possible image quality. The advancement of ENVISICS branded technology has the opportunity to transform automotive displays and revolutionize the in-car experience. In partnership with the world's leading automakers and tier-one suppliers, Envisics is making the future of holographic technology a reality for smarter and safer vehicles. Envisics Ltd is the proprietor of registered trademark rights worldwide in respect of the ENVISICS® mark and logo. For more information: www.envisics.com
About Tarsadia Investments
Tarsadia Investments is a multi-billion-dollar family office investment firm based in Newport Beach, California. Tarsadia is a supportive and value-enhancing partner and has a history of seeking out and working with exceptional management teams. Its current portfolio includes investments by its family clients in majority and minority stakes in privately held companies, public equity and debt instruments and early-stage venture-backed businesses. Tarsadia has a demonstrable track record of both turning around distressed businesses and investing growth equity behind new and established management teams, providing them with the necessary capital and support to achieve success. For more information: www.tarsadia.com
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
About Jaguar Land Rover
Jaguar Land Rover's Reimagine strategy is delivering a sustainability-rich vision of modern luxury by design. We are transforming our business to become carbon net zero across our supply chain, products, and operations by 2039. We have set a roadmap to reduce emissions across our own operations and value chains by 2030 through approved, science-based targets. Electrification is central to this strategy and before the end of the decade our Range Rover, Discovery, Defender collections will each have a pure electric model, while Jaguar will be entirely electric. At heart we are a British company, with two design and engineering sites, three vehicle manufacturing facilities, an engine manufacturing centre, and a battery assembly centre in the UK. We also have vehicle plants in China (a joint venture), Slovakia, Austria (contract manufacturing with Magna Steyr), India (contract manufacturing with Tata Motors Ltd) and Brazil, as well as seven technology hubs across the globe. Jaguar Land Rover is a wholly owned subsidiary of Tata Motors Limited, part of Tata Sons. For more information: www.jaguarlandrover.com
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) is one of the world's leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today's customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information: www.stellantis.com
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