Holoride finds new investor for expansion in Asia
VR start-up Holoride partners with Fuel Ventures Asia to develop its B2B market potential and expand in Asia.
Munich-based start-up Holoride has received an undisclosed amount of funding. The investor is Fuel Ventures Asia, a local incubator of the British venture capital firm Fuel Ventures.
With the investment, Fuel Ventures Asia supports the start-up's new strategic direction. This includes tapping into the B2B market, expanding into multiple device platforms such as smartphones, tablets, wearables and in-car infotainment systems, and focusing on growth in the Asian market.
"We’re excited to have Fuel Ventures Asia on board as we embark on this next chapter," stated Nils Wollny, Co-Founder and CEO of Holoride.
The Audi spin-off Holoride was founded in 2019 to bring virtual reality into vehicles. To do this, it developed a technology that tracks vehicle movements and position data in real time and translates them into suitable in-car VR experiences. The aim was to turn cars into moving amusement parks.
The investment from Fuel Ventures Asia comes after a turbulent time for Holoride. In May, the start-up announced that it had filed for insolvency after a funding round that was thought to be secure fell through at the last minute.
At the time, Holoride's CEO, Nils Wollny, saw the insolvency process as an "opportunity for a fresh start with new investors or owners". That fresh start appears to have been successful with the subsequent restructuring, the establishment of the Holoride Technologies Group in Singapore and the entry of Fuel Ventures Asia.
In the future, Holoride will also offer its technology under licence, enabling industrial customers to develop their own applications. Existing partnerships will continue and an extended software suite supporting more devices will be released in early 2025. Until now, Holoride's technology could only be used with VR headsets.
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