April 22, 2021 – holoride, a provider of technology that combines navigational and car data with XR, has today announced that it has completed its Series A investing round, raising EUR €10 million in first closing and earning the company a EUR €30 million valuation.
The round was led by Terranet AB, developers of advanced driver-assistance software (ADAS) that specifically addresses safety and comfort through sensor technology. Other co-investors in the round included a group of Chinese financial and automotive technology investors, orchestrated by Jingjing Xu, an investment professional specializing in partnerships and go-to-market strategies for China. Amongst the syndicate was Multi-Dimensional Connectivity (MDC) Limited, an automotive industry investor and shareholder of Aston Martin. Schell Games, a full-service educational and entertainment game development company and Audi shareholder, was also an investor.
holoride stated that it will use the capital that has been raised to ramp up talent acquisition, expand its offering for the content creator community and strengthen its international position as the company prepares for market launch next year.
“We’re excited that cutting-edge automotive technology and premium content creation are represented in our new, expanded group of investors, as well as the core markets of our business with excellent partners from Europe, China, and the US,” said Nils Wollny, CEO and co-founder of holoride. “Integrating Terranet’s capabilities to generate a low latency view of the world into our tech stack can significantly enhance the holoride experience and become our next leap forward in changing in-vehicle experiences for good.”
According to holoride, it is building “nothing less than the world’s first immersive in-vehicle media platform”. By processing motion and location-based data in real-time, holoride enables the creation of content that adjusts to travel time and route, and as a result, is in sync with the passenger’s journey.
As part of its investment, Terranet will work with holoride to enhance the real-time, in-car XR experience by incorporating aspects of its sensor technology software to ensure precision, speed, and intelligence as vehicles move safely and quickly through their environments. As a result, the cooperation between the two companies opens a new vertical for Terranet’s ‘VoxelFlow’ technology by reusing 3D event data for XR applications, such as augmented reality (AR) and virtual reality (VR).
“This collaboration enables Terranet to expand our addressable market while also getting access to the leading automotive manufacturers that will be using holoride. Combining our ultra-fast 3D sensor technology with holoride’s gaming and XR experiences will revolutionize the everyday car trip, providing more meaningful experiences for passengers. As a key investor (and collaborating partner) we strongly believe in holoride as a superior risk-return investment.” said Pär-Olof Johannesson, CEO of Terranet.
As a part of the deal, Johannesson will join holoride’s Advisory Board. Terranet’s Chairman of the Nomination Committee has also undertaken to ensure that Wollny is elected to the company’s board.
“With the upcoming market introduction of holoride and our ambition to integrate it in our cars in 2022, we are taking the in-car experience to the next level and leverage the way of how we are delighting our customers,” commented Sven Schuwirth, Senior Vice President Digital Experience & Business at Audi.
holoride added that it will launch its next company phase and accelerate towards market launch in summer 2022. For more information on holoride and its automotive XR solution, please visit the company’s website.
Video credit: holoride / YouTube
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.