Oculii, a US-based developer of radar imaging software, secured $55m yesterday in a series B round featuring automotive components producer Hella and quantitative trading firm Susquehanna International Group.
The round was co-led by Catapult Ventures and Conductive Ventures, a VC firm backed by electronics producer Panasonic, and Hella took part in the round through its corporate venturing unit, Hella Ventures.
Financial services firm Signature Bank and Schox Ventures, a fund anchored by patent firm Schox Group, also took part, as did mobility-focused advisory firm VectoIQ, Taiwania Capital, PHI-Zoyi Capital, R7 Partners, ACVC Partners, Mesh Ventures and SV Tech Ventures.
Oculii has built an artificial intelligence-equipped imaging software platform which improves the resolution of radar technology used in automated vehicles (AVs) and robotics systems.
Low resolution is one of the drawbacks of radar technology, which is otherwise low-cost, reliable and capable of operating in all weather. The company’s software has been licensed by several car component producers for use in advanced driver assistance systems.
Steven Hong, Oculii’s co-founder and chief executive, said: “This new round of financing will accelerate Oculii’s growth as the leading AI software radar solution on the market.
“Oculii will continue to execute on commercial opportunities with automotive, robotic, and AV companies while scaling its teams and customer base globally.”
The round increased the company’s total funding to $75m, it said. The deal followed $6.8m from undisclosed investors in 2018 and $10.9m the year before, according to two securities filings.