Innoviz Technologies, a Rosh Ha’Ayin, Israel-based provider of high-performance, solid-state LiDAR sensors and perception software, closed its $170M Series C funding.
The round, which brought total funding raised to date to $252M, was led by new major investors China Merchants Capital (SINO-BLR Industrial Investment Fund, L.P.), Shenzhen Capital Group and New Alliance Capital; Israeli institutional investors Harel Insurance Investments and Financial Services and Phoenix Insurance Company, and Magna International.
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 the commercialization of its InnovizPro and InnovizOne solid-state LiDAR solutions and address demand for autonomous vehicles (AV) technologies worldwide.
Innoviz is focusing expansion efforts in key automotive markets including the U.S., Europe, Japan and China. it 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 is a manufacturer of high-performance, solid-state LiDAR sensors and perception software that enable the mass-production of autonomous vehicles. InnovizPro is a solid-state LiDAR that offers outstanding performance and value for automotive and other applications. InnovizOne is an automotive-grade LiDAR sensor that provides superior 3D sensing for Level 3-Level 5 autonomous driving. Its perception software coupled with LiDAR technology creates a holistic hardware and software stack that turns LiDAR data into an indispensable input for autonomous driving.
The company is developing 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 automotive-grade production standards.