Israel-based autonomous vehicle technology developer Innoviz has raised $65m in a series B round backed by automotive components manufacturers Magna International and Delphi Automotive, TechCrunch wrote yesterday.
Car retailer Delek Motors, internet company Naver and Vertex Ventures, the VC arm of Singapore state-owned investment firm Temasek, as well as 360 Capital Partners, Glory Ventures, Magma Venture Partners, Amiti Ventures and angel investor Zohar Zisapel also took part, according to Forbes.
The company is aiming for a second close that will involve new investors, though details have not been revealed.
Innoviz is developing Lidar technology, a type of radar that uses pulsed laser lights to generate a 3D map of the road to help autonomous vehicles avoid collisions. Innoviz’s technology uses no moving parts and claims improved capabilities in difficult weather conditions.
The funding will support Innoviz’s push towards mass market commercialisation, while the company continues to develop its computer vision technology and enters additional partnerships.
Delek, Vertex, Magma, Amiti and Zisapel previously injected $9m in series A capital in August 2016.