Innoviz Technologies, a Rosh Ha’Ayin, Israel-based provider of solid-state LiDAR sensors and perception software, raised $132m in Series C funding.
– China Merchants Capital (SINO-BLR Industrial Investment Fund, L.P.),
– Shenzhen Capital Group,
– New Alliance Capital,
– Harel Insurance Investments and Financial Services,
– Phoenix Insurance Company,
– Magna International.
Given demand from additional investors, the Series C round will remain open for a second closing to be announced in the coming months.
The company intends to use the funds for commercialization of its InnovizPro and InnovizOne solid-state LiDAR solutions and address demand for autonomous vehicles (AV) technologies worldwide. It is focusing expansion efforts in key automotive markets including the U.S., Europe, Japan and China. Innoviz also plans to expand its research and development efforts by investing in the buildout of next-generation products and software that will feature more cost reductions and improved performance.
Led by Omer Keilaf, CEO and co-founder, Innoviz leverages perception software coupled with advanced LiDAR technology to create a holistic hardware and software stack that turns LiDAR data into an indispensable input for autonomous driving. Rather than focusing on bringing quick solutions to the market, the company has chosen a different path of developing a product and perception software through partnerships with original equipment manufacturers (OEMs) and Tier 1 suppliers, including Magna, HARMAN, HiRain Technologies and Aptiv, to assure full compliance with the highest automotive-grade production standards.
A partnership with Magna International, which also participated in the round, resulted in Innoviz’s automotive-grade LiDAR, InnovizOne, and its computer vision software being selected by BMW for series production of vehicles starting in 2021. The new funding will also assist in bringing this program, as well as additional automotive OEM design wins, to production at scale, as well as provide overall support for the expected company growth.