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Intel Capital leads round of $17M into Israeli automotive sensor startup TriEye
Intel Capital today led a $17 million round into TriEye Technologies Ltd., an Israeli startup developing Short Wave Infrared imaging solutions for autonomous vehicles.
Founded in 2016, TriEye’s SWIR imaging solutions are designed to assist autonomous vehicles in being able to “see” better under limited visibility solutions such as darkness, fog and dust.
The company’s main product, the TriEYE SWIR camera, aims to address the challenge of providing driver-assistance systems and autonomous vehicle vision under adverse weather and other common low-visibility conditions through the use of a custom-built semiconductor. TriEye said its technology reduces the cost by a factor of 1,000 compared with current indium gallium arsenide technology. Cost is an important part of TriEye’s pitch, with existing solutions that attempt to address low-visibility issues said to be prohibitively expensive.
In an interview with VentureBeat, TriEye co-founder and Chief Executive Avi Bakal explained that adverse visibility situations “are the times when most accidents happen,” and that “they don’t happen when you have clear blue skies.”
Bakal argues that an inability to see and analyze unusual conditions is a big stumbling block for autonomous vehicles. Likewise, reducing costs and increasing effectiveness will assist in bringing autonomy to more vehicles.
“As the automotive industry transitions to autonomous driving, demand for sensor technologies is expected to grow rapidly,” said Intel Capital Israel’s Managing Director Yair Shoham. “TriEye technology has the potential to enhance traditional camera functionalities by increasing performance in low-visibility conditions in a way that complements vision-based camera sensor technologies.”
Including the new funding, TriEye has raised $20 million to date. Other investors include Grove Ventures and Check Point Software Technologies Ltd. co-founder Marius Nacht.
The company said that it would use the new funding for ongoing product development as well as expanding relationships with automotive partners.
Image: TriEye
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