Israeli sensor solution developer TriEye today announced the completion of a $74 financing round led by M&G Investments and Varana Capital, with the participation of Samsung Ventures, Tawazun SDF, Deep Insight, Allied Group, and Discount Capital, and follow-on investors Intel Capital, Porsche Ventures, Marius Nacht and Grove Ventures. This round brings the total amount raised by TriEye to $96 million.
Tel Aviv-based TriEye has developed a short-wave infrared (SWIR) sensing solution for mass-market applications. The company was founded in 2017 by CEO Avi Bakal, VP R&D Omer Kapach, and CTO Prof. Uriel Levy, after nearly a decade of advanced nano-photonics research by Prof. Levy at the Hebrew University of Jerusalem.
TriEye will use the funds to commercialize SEDAR (Spectrum-Enhanced Detection And Ranging), its imaging and ranging solution for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Leveraging the advantages of the SWIR spectrum along with TriEye’s proprietary low-cost design, SEDAR is a complete solution capable of producing both HD image-data and a detailed depth-map in all visibility conditions. The SEDAR has generated significant interest from global OEMs in a variety of industries. Outside of automotive, TriEye’s cost proposition will also disrupt industrial markets, with commercialization beginning next year.
Bakal said, "We are proud to be the first to offer the advantages of SWIR sensing technology to multiple industries at a highly disruptive price point. Indeed, we believe SEDAR will change the automotive perception market as we know it today. And this is just the beginning," said Avi Bakal, CEO and Co-Founder of TriEye, "thanks to the support of our new and existing investors, TriEye is accelerating its growth as we look to become a critical player in smart, safe, reliable, and cost-effective automated vision systems."
TriEye collaborates with major manufacturers based in Europe, Asia, and the US, including Porsche, Continental, DENSO, and Trimble. The company is also working closely with leading players in additional mass-market applications, including automotive, biometrics, industrial imaging, agriculture, and heavy machinery, that until recently could not harness the benefits of SWIR sensing.
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2021.
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