M&G injects £31m into holographic car display firm Envisics
Global investor M&G has given a $40m (£31.9m) boost to Envisics, an augmented reality (AR) firm, to help drive the growth of their holographic displays.
Envisics, founded in 2018, has created ‘head up displays’ – highly sought after holographic displays made for the inside of cars, which the company says can enhance situational awareness, offer “intuitive” information to the driver, and create more room in the vehicle.
M&G made this move on behalf of the £129bn Prudential With Profits Fund, becoming the third-largest Envisics shareholder and securing a board seat.
This investment will accelerate Envisics’ international expansion and the development of their holographic technology.
Jeremy Punnett, M&G portfolio director, praised Envisics as a symbol of UK innovation.
“[It] is a strong example of how institutional investors can make meaningful allocations to unlisted UK companies, helping them to accelerate their growth, finance and global reach.
“Whilst the automotive sector is the initial area of focus, in the long term we see a broader set of application opportunities,” he added.
It comes as M&G are in talks with big European financial firms to bring its flagship £58bn Prufund range onto the continent, seeking partnerships in France and Germany.
Chief executive of Envisics, Dr. Jamieson Christmas, said: ” The vote of confidence from M&G Investments, together with our recently expanded group of investors, speaks to the significant growth potential for our technology as part of the transformation set to disrupt next generation mobility experiences.”
This investment adds to Envisics’ list of prestigious backers, including Hyundai Mobis and Inmotion Ventures, the investment arm of Jaguar Land Rover.