M&G Investments has invested $40 million into UK technology company, Envisics – a pioneer and global leader in Augmented Reality Head-Up Displays (AR HUDs) – advanced display technologies that are being increasingly sought after by the global automotive industry and consumers alike. The Envisics AR HUD improves situational awareness, offers intuitive delivery of information, greater personalization, connecting the driver in the new world of mobility while also freeing up the valuable interior real estate of the vehicle.
The capital will enable Envisics to accelerate international expansion and the development of its next generation of dynamic holographic technology, which is set to change the face of interior car displays. Founded in 2018, Envisics is redefining the way drivers interact with their vehicles and the world around them with its market leading holographic technology that is enabling the future of AR- HUDs.
The investment has been made by M&G’s equity division in a series C funding round on behalf of the £129 billion Prudential With Profits Fund and its circa 5 million UK customers. M&G will become the company’s third largest shareholder and will take a seat on its Board.
M&G Portfolio Director Jeremy Punnett, says: “This home-grown technology company is a shining example of the world class innovation ecosystem we have in the UK and 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. We look forward to working with Envisics and its partners.”
“Envisics continues to attract extremely high-quality strategic investors to the company,” says Envisics’ CEO and founder, Dr Jamieson Christmas. “We continue to make great progress on developing and delivering dynamic holography as a viable product at scale to the world’s leading automakers. 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.”
M&G is a signatory to the Mansion House Compact via the £129 billion Prudential With Profits Fund – the largest of its kind in the UK.