The Audi co-founded startup aiming to inject immersive VR and AR into everyday car travel, Holorise, has raised a €10 million (~$12 million) Series A investment round.
The company revealed the tech during the CES 2019, where it showcased its platform that integrates a car’s movement with VR content. The idea emerged to capitalize on the backseat passengers in a vehicle by giving them a VR headset to play videos and games synced-up with the vehicle’s movement. That would make the car ride more fun and offer a comfortable experience since all of the movement a player would feel in-game is also happening in the physical world.
Terranet AB, developers of advanced driver-assistance software (ADAS), led this investment round. In addition, Multi-Dimensional Connectivity (MDC) Limited, Schell Games, Audi, and a group of Chinese financial and automotive technology investors organized by investment professional Jingjing Xu also participated in the round.
The company plans to put the funds towards acquiring more talent, attracting more content creators, and preparing for its international launch starting next year. The latest round brings the company’s estimated valuation to €30 million (~$36 million).
Terranet also said that it would work with Holoride to “enhance the real-time, in-car XR experience by incorporating aspects of its versatile sensor tech software to ensure precision, speed, and intelligence as vehicles move safely and quickly through their environments.”
As a part of the deal, Pär-Olof Johannesson, CEO of Terranet, will also be joining Holoride’s advisory board.
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