Israel-based automotive sensor technology developer TriEye has secured $74m in a round co-led by life insurance firm Prudential’s savings and investment arm, M&G Prudential.
Asset manager Varana Capital co-led the round, which included chipmaker Intel, consumer electronics provider Samsung, carmaker Porsche and Allied Group, a joint venture between automotive manufacturer Skoda and car importer Champion Motors.
Discount Capital, the venture capital arm of financial services firm Israel Discount Bank, also took part, as did Tawazun’s Strategic Development Fund, Deep Insight and unnamed existing backers. M&G Investments and Samsung Ventures represented M&G Prudential and Samsung respectively.
Founded in 2017, TriEye produces shortwave infrared sensor products that provide high-definition images for autonomous vehicles in a bid to avoid obstacles in unfavourable weather conditions.
Porsche had already supplied $2m for the company’s series A round in August 2019, after Intel’s corporate venturing unit, Intel Capital, led a $17m first tranche that included Marius Nacht and Grove Ventures three months before. Grove Ventures had led its $3m seed round the previous year.
