US-based robotic vision technology developer AEye completed a $16m series A round on Tuesday, taking funding from investors including semiconductor producer Intel and aerospace company Airbus.
The corporates, which invested through subsidiaries Intel Capital and Airbus Ventures respectively, were joined in the round by investors including venture capital firms Kleiner Perkins Caufield & Byers and Tyche Partners.
Two other VC firms, R7 Partners and Trucks Venture Capital, were named in a press release as company investors but not strictly as series A participants.
AEye is working on hardware, software and algorithms that will combine lidar and computer vision technology with artificial intelligence to help driverless cars navigate their surroundings.
The funding will go to commercialising the company’s system, which is being tested by large transportation and heavy industry equipment manufacturers, with commercial release to go ahead gradually in 2017 and 2018.
Thomas d’Halluin, chief executive of Airbus Ventures, said: “AEye is a leading-edge innovator, whose robotic vision system is bringing unique capabilities to sense and avoid systems that will help revolutionise transportation.
“We are thrilled to support the team alongside other forward-looking strategic and financial investors, and we cannot wait to be a part of AEye’s growth as its technology helps drive the future of mobility.”
Regulatory filings indicate AEye raised $270,000 in equity financing in 2013 and another $14.7m in November 2016, though the latter likely formed part of the series A round.