Envisics, a UK-based developer of holographic technologies for augmented reality head-up displays (AR-HUDs), has secured nearly US$50m (£38.6m) in funding from Hyundai Mobis and General Motors Ventures to further develop its technology.
The company, founded at Cambridge University in 2010, develops digital holographic technology, offering a software-defined broad field of view without additional optical devices.
The AR-HUD feature matches driving information with the road ahead in real-time and projects it onto the windshield. Its head-up display provides enhanced ‘dashboards’ of information to drivers including mapping, navigation guidance and hazard warnings.
According to Envisics, the investment, which follows a growth in demand for its AR-HUD technology from leading automotive manufacturers, will allow the company to grow its global business operations.
Dr. Jamieson Christmas, CEO of Envisics, said: “Enhanced in-car experience is the next automotive revolution that goes hand in hand with electrification and the development of autonomous vehicles.
“Successfully closing this significant Series-B funding round, especially in light of the challenging business climate, is a pivotal moment for Envisics.
“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.”
According to investor Hyundai Mobis, the technology will be in mass production by 2025 and it has predicted the HUD market will continue to grow by about 12% on average every year.
