EMERGING TECH
EMERGING TECH
EMERGING TECH
Israeli self-driving car startup Innoviz raises $38M more
Israeli startup Innoviz Technologies Inc. said today it has raised an additional $38 million, an extension of the $132 million it raised in March, to build out new lidar products and bring them to market.
Innoviz did not disclose the name of the new investors. Previous investors in the Series C round included China Merchants Capital, Shenzhen Capital Group, New Alliance Capital, Harel Insurance Investments and Phoenix Insurance.
The company’s total funding to date is now $252 million. Previous rounds include $65 million in September 2017 with an additional $8 million raised in October of the same year. That last funding is notable since it came from SoftBank and Samsung.
Founded in 2016, Innoviz develops technologies for autonomous driving that include smart 3-D sensing, sensor fusion and accurate mapping and localization. The company’s brought its first product, InnovizPro, a high-definition solid-state lidar product for autonomous vehicles, in January 2018.
Innoviz plans to use the additional funding to benefit its broader business activities, including accelerating its path to mass production and commercialization of its lidar solutions and perception software. The big focus is the InnovizOne automotive-grade lidar solution, which is expected to go into full production in 2021.
The company has a number of deals and partnerships with major car manufacturers and parts suppliers. Along with a deal to supply BMW Group with lidar units announced in April 2018, the company has deals with so-called Tier 1 automotive suppliers, including Magna, HARMAN, HiRain Technologies and Aptiv.
Image: Innoviz
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