Israel-based camera technology developer Corephotonics has raised $15m in a series C round that included consumer electronics company Samsung, contract manufacturer Foxconn and mobile semiconductor producer Mediatek.
An unnamed smartphone original equipment manufacturer (OEM) also took part in the round, which was co-led by investment firm Mizmaa Ventures and private equity firm Beijing Singularity Power Investment Management.
Founded in 2012, Corephotonics has developed dual camera technology for smartphones which enables improved image quality and features previously only available in professional devices, such as an eight-times optical zoom for video.
Corephotonics will use the cash to develop the next generation of its technology, add additional OEM partners and potentially make acquisitions. The money will drive recruitment and support an expansion into the automotive, drone, surveillance and action camera sectors .
The round took the company’s overall funding to more than $50m, according to its latest press release.
Telecom firm SK Telecom and Samsung Ventures, SanDisk Ventures and Western Digital Capital, respective subsidiaries of Samsung, flash memory storage producer SanDisk and hard disk manufacturer Western Digital, took part in a $17.8m series B round in 2015, according to Pitchbook.
Amiti Ventures, Magma Ventures, Horizons Ventures and BetaAngels Partners co-led the series B, which included industrial investment firm LSG Industrials, OurCrowd, CE Ventures, iVentures Asia and Radiant Venture Capital.
BetaAngels, Horizons and Magma had previously supplied $5.2m in a series A round in 2013, according to Pitchbook.
Gonzalo Martinez de Azagra, head of Samsung Ventures in Israel, said: “Samsung Ventures is determined to invest in ever-more compelling solutions for mobile devices, using the best-of-breed technologies, and Corephotonics is a world-renowned leader in the mobile imaging space.”