US-based lidar technology developer Sense Photonics completed a $26m series A round yesterday featuring Samsung Ventures and Shell Ventures, subsidiaries of electronics producer Samsung and petroleum supplier Shell.
The round was co-led by venture capital firms Acadia Woods and Congruent Ventures, the latter backed by University of California, and included fellow VC firms Prelude Ventures and Hemi Ventures, and private equity and VC sponsor IPD Capital.
Founded in 2016, Sense Photonics has developed lidar technology for use in autonomous vehicles that analyses surroundings by flashing light and using a sensor to detect obstacles.
The camera-inspired technology is expected to provide an ultra-wide field of vision and be easier to install than rival offerings, which typically require scanning the car’s environment by sweeping a laser beam rather than capturing everything simultaneously.
The funding will support the development of Sense Photonics’ technology, which remains in the prototype stage, as well as a planned commercial launch later this year. Its partners include semiconductor manufacturer Infineon and an unnamed automotive manufacturer, according to TechCrunch.
Sense Photonics had raised an initial $14.4m in series A funding in November 2018, at which time Congruent Ventures and Arab Angel Fund listed the company in their respective portfolios.
Undisclosed investors had previously injected $2.8m and $500,000 in funding in 2017, according to regulatory filings.
The original version of this story appeared on our sister site, Global University Venturing.
