The UK-based startup Envisics, which is building an Augmented Reality based head-up display technology that can be helpful in automotive sectors, announced on 7th October 2020 about receiving €42 million in B Series funding in a round led by General Motors Ventures, Hyundai Mobis, and SAIC Motors and investor Van Tuyl.
The funding details
The company is planning to use this investment in expanding its business operations worldwide so that it can match up the exponential growth of its in-demand AR-HUD technology from the leading automotive dealers. Along the same, the funding will also enable the enterprise to track the development of its future generation holographic technology. It is already working hand in hand with many companies to integrate its advanced technology into vehicles.
The company integrates various advanced technologies like machine learning, computer vision navigation, and big data analytics to build hardware that can be integrated into vehicles and efficiently project head-up displays and provide enhanced information to drivers. This holographic head-up display has features like navigation guidance and hazard warnings.
The funding capital is backed by a strong bunch of strategic investors who are already working with the startup. Initially, Envisics is focusing on higher market ends and integrating its technology into models ranging from Jaguar Land Rover. The mass production of this technology incorporated vehicles is scheduled for the coming 2023. The current market valuation of the company was marked at US$250m.
Envisics has worked for many years to make things perfect before introducing this HUD technology in the market for vehicles. It was introduced last year in Las Vegas at the Consumer Electronics Show. The technology developed by the company provides tools that are not a replacement for in-person drivers, but rather, they will enhance how humans can drive the vehicles. Hyundai Mobis is supposed to join Envisics to develop AR HUDs for autonomous driving in 2025.
The HUD technology enables holography features across mobility platforms. It includes the projection of gauge details, the key parameters, including fuel level, speed, etc. and helps drivers keep their focus on the road. The technology uses light sources based on laser and holography to provide precise image quality. The AR element is developed using intelligent computers and mathematical algorithms and brings real-time data. The holography platform delivers AR imagery on various planes and different distances. It adapts to instant changes in the ambient light, thereby enhancing the road view even in poor light and weather conditions. This HUD technology uses light only when required and thereby saves 50% less power.
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