Envisics Inc., a pioneer in holographic technology with facilities in Troy and the United Kingdom, today announced receiving more than $50 million 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, which has its North American headquarters in Auburn Hills.
Envisics’ holographic technology provides Augmented Reality Head-Up Displays (AR-HUD), an advanced display technology for automakers and consumers alike.
General Motors Co. in Detroit will be the first company to deploy the Envisics 2nd Generation AR-HUD technology, which will debut in the 2024 Cadillac LYRIQ.
“Since our Series B funding round, we have focused on growing Envisics into a key enabler for next generation mobility experiences,” says Jamieson Christmas, founder and CEO of Envisics. “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, says the new investment provides “the runway needed to realize the commercial potential of dynamic holography in the auto industry and beyond.”
“Our collaboration with Envisics is moving into production this year, as we add AR-HUD technology to the all-electric 2024 Cadillac LYRIQ,” says 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 2022, Stellantis recognized Envisics in its 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,” says 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.”
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 Cos.
Based upon global market research, the addressable AR HUD market is forecast to deliver a compound annual growth rate of 28 percent, growing from 1.6 million units in 2022 to 19.1 million in 2032, according to Envisics.
For the Series C strategic funding round, Citi served as financial advisor and Orrick served as legal counsel to Envisics.
For more information about Envisics, visit envisics.com.
