Israel-based light detection and radar (lidar) technology developer Innoviz Technologies yesterday closed a $170m series C round already backed by insurers Phoenix Insurance and Harel Insurance Investments and Financial Services.
The company raised a $38m second tranche from undisclosed backers, adding to the $132m it closed in March 2019, when the aforementioned corporates participated alongside New Alliance Capital, China Merchants Capital’s Sino-BLR Industrial Investment Fund and Shenzhen Capital Group.
Founded in 2016, Innoviz is developing solid-state lidar sensors and software that will give smart vehicles a three-dimensional understanding of the road. The technology allows for a self-driving functionality with human supervision, and is intended to eventually be used for fully autonomous vehicles.
The additional series C funding will support the further development of Innoviz’s software. The round will also support research and development activities and commercialisation efforts as the company looks to expand in the US, Europe, China and Japan.
Innoviz has also announced two new strategic collaborators – computer vision experts Raja Giryes and Or Shimshi – to assist its product and software teams. It expects its technology to enter mass production by 2021.
The company has now raised a total of $252m in funding. It completed a $73m series B round in 2017 with commitments from automotive vehicle distributor Delek Motors, internet group Naver and automotive component producers Magna International and Delphi Automotive.
Samsung Catalyst and SoftBank Ventures Korea, investment units of electronics group Samsung and telecommunications conglomerate SoftBank, also backed the series B round, as did 360 Capital Partners, Glory Ventures, Vertex Ventures, Amiti Ventures and Zohar Zisapel.
Delek Motors, Vertex Ventures, Magma Venture Partners, Amiti Ventures and Zisapel had previously supplied $9m in series A capital for Innoviz in 2016.
