Car sensor co Innoviz expands financing round to $73m

Innoviz employees Photo: PR

Samsung Catalyst and Softbank Ventures Korea have invested $8 million in the Israeli LiDAR developer.

Israeli car sensor company Innoviz Technologies has announced that it has raised an additional $8 million as part of the Series B financing round announced in September. The new investors are Samsung Catalyst and Softbank Ventures Korea. This brings the Series B financing round to $73 million and the total capital raised by the Kfar Saba based company to $82 million.

Previous investors include tier 1 suppliers Delphi Automotive PLC and Magna International as well as 360 Capital Partners, Glory Ventures, Naver, Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Motors.

Innoviz was founded in 2016 by CEO Omer David Keilaf, chief business officer Oren Rosenzweig, CTO Amit Steinberg, VP R&D Oren Buskila and chairman Zohar Zisapel.

Innoviz offers disruptive LiDAR (Light Detection and Ranging) technology that leverages the company's proprietary System, MEMS and Detector designs to give autonomous vehicles superior sensing capabilities, even in challenging environments such as bright direct sunlight, varying weather conditions and multi-LiDAR environments. The company's unique solid-state design is smaller, more reliable and more durable than existing LiDAR solutions. InnovizPro, a development platform designed to provide auto manufacturers, Tier 1 suppliers and technology companies with the most advanced LiDAR available for testing and development, will be available in Q1 of 2018. Samples of InnovizOne™, the company's automotive grade LiDAR device for levels 3 - 5 autonomous driving, will be available in 2019

Keilaf said, “We were excited to see such a high level of interest in our Series B round from such an impressive list of top-tier investors and strategic partners. With our LiDAR solutions moving into mass production and getting ready to begin shipping in early 2018, the backing from companies such as Samsung, SoftBank Ventures Korea and all the rest will enable us to scale our operations as we focus on not only LiDAR but the entire autonomous vehicle stack.”

Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Innoviz employees Photo: PR
Innoviz employees Photo: PR
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