At a time when Augmented Reality (AR) startups have been on somewhat shaky ground, Envisics Inc. has reportedly secured USD 50 million in Series B funding round. The investment is a validation not just for Milton Keynes-based startup, but for the wider industry in which it operates. The investment comes from a strong group of strategic investors including General Motors Ventures, SAIC Motors, Tuyl Companies, and South Korean parts-maker Hyundai Mobis.
For the record, Envisics is a startup focused on developing hologram technology for autonomous systems. The company brings together cutting-edge technologies like machine learning, big data, and, computer vision to develop a hardware that integrates into a vehicle to project head-up, holographic displays offering improved ‘dashboards’ of information to drivers with features like hazard warning, navigation guidance.
Speaking on the funding round, Dr. Jamieson Christmas, the Founder at Envisics stated that the investment is being made at a valuation of more than USD 250 million, ‘substantially up’ on its previous funding rounds, although the firm has never revealed its valuation before.
Milton Keynes-based startup is presently working with leading car companies to equip vehicles with its technology. Mr. Christmas said the company is initially focused on the higher end market and integrating its technology into Jaguar Land Rover’s models. The mass manufacturing of vehicles using its technology is expected to commence in 2023.
Christmas first got into this business through his first startup named ‘Two Trees’, which eventually got acquired by Daqri, an AR glasses firm that was looking to strengthen the technology landscape to compete with Microsoft and its HoloLens. While Daqri was exclusively focused on headsets, he saw an opportunity to work on holographic technology for automakers. Two years later in 2018, he once again started a new firm named Envisics to solely focus just on the holographic automotive opportunity.
Source credit - https://techcrunch.com/2020/10/07/envisics-nabs-50m-for-its-in-car-holographic-display-tech/