Israeli 4D imaging radar company Vayyar Imaging today announced that it has completed a $108 million Series E financing round led by Koch Disruptive Technologies (KDT). This figure represents the first closing of a two-stage financing round, with the second closing scheduled for late July, bringing Vayyar’s total funding to over $300 million.
In addition to KDT, other existing investors Battery Ventures, Bessemer Ventures, More VC, Regal Four, and Claltech participated in the round as well as new investors GLy Capital Management and Atreides Management LP.
The round was closed at an estimated valuation of more than $1 billion. When Vayyar's last financing round was completed in 2019, it was at a valuation of $628 million, according to PitchBook. The company has 300 employees in offices in Israel in Yehud, Modi'in, Jerusalem, Ra'anana and Haifa and also has offices in Japan and China.
Vayyar Imaging was founded in 2011 by CEO Raviv Melamed, CTO Naftali Chayat, and VP R&D Miri Ratner in order to develop a product that would detect early stage breast cancer using RF technology. Since then the company has expanded into senior care, automotive, retail, public safety and other industries. The company provides solutions powered by its system-on-chip, proprietary software stack, and breakthrough machine learning algorithms.
In the automotive industry, Vayyar manufactures 4D imaging radar-based platforms that transform safety across the in-cabin, advanced drive automated systems (ADAS) and motorcycle (ARAS) systems. The company’s ARAS platform is in mass production for deployment on Piaggio Group’s motorbikes, providing exceptional safety for the world’s most at-risk road users. Vayyar has also secured supply contracts with automakers from Japan and Vietnam and is in advanced engagements with almost every other OEM and supplier for both in-cabin and ADAS.
In senior care, the company has developed Vayyar Care, a remote monitoring solution, integrated with nurse call systems that protect the aging population with automatic fall detection and data that drives predictive behavioral analytics. Vayyar recently signed a joint venture agreement with Haier subsidiary HCH Ventures, leveraging its senior care technology to address the 4 trillion yuan ($625 billion) "silver tech" market in China. Vayyar has also established a large-scale partnership with Amazon for remote health, safety and security monitoring. After opening new offices in five new countries, including Japan and China, Vayyar will continue to expand its activities and introduce a family of machine learning-enabled imaging solutions that are being integrated with the world’s leading smart building, robotics, retail and public safety solutions.
Melamed said, "During a challenging period for the global economy, this new funding round is a ringing endorsement of our mission and a clear vote of confidence in the strength of our technology and the strategic agility of our organization."
Published by Globes, Israel business news - en.globes.co.il - on June 6, 2022.
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