Innoviz Technologies, a Kfar Saba, Israel-based provider of LiDAR sensing solutions designed for the mass commercialization of autonomous vehicles, raised Series $8m Series B funding.
This new tranche – which brings the total amount raised in the Series B round to $73m and overall total funding to $82m – came from strategic investors Samsung Catalyst, a Samsung Electronics early stage venture capital fund, and from SoftBank Ventures Korea, a SoftBank Group early stage venture capital arm based in Seoul.
They joined Delphi Automotive PLC (NYSE: DLPH), Magna International (NYSE: MGA), 360 Capital Partners, Glory Ventures, Naver and others, in addition to all Series A investors.
The company intends to use the funds to grow its team filling positions in R&D, Operations, Marketing and Business Development.
Led by Omer Keilaf, co-founder and CEO, Innoviz leverages a proprietary System, MEMS and Detector designs to deliver accurate and long ranging autonomous vehicle sensing capabilities. The company’s LiDAR products, InnovizOne™ and InnovizPro™, offer solid-state design that uses Proprietary technology to deliver superior performance at the cost and size required for mass market adoption.
InnovizPro™, a development platform designed to provide auto manufacturers, Tier 1 suppliers and technology companies with the most advanced LiDAR available for testing and development, will be available in Q1 of 2018.
Samples of InnovizOne™, the company’s automotive grade LiDAR device for levels 3 – 5 autonomous driving, will begin shipping in 2019.