Israeli LiDAR developer Innoviz Technologies Raises $65M
7 September, 2017
Strategic partners Delphi Automotive and Magna International join new and existing investors to back Innoviz's solid-state LiDAR technology on heels of strong adoption
Technologies, a leading provider of LiDAR sensing solutions designed for the mass commercialization of autonomous vehicles, announced today that it has raised $65 million in Series B funding as its LiDAR solution moves into mass production. Strategic partners and global players in automated driving solutions Delphi Automotive PLC and Magna International participated in the round, along with additional new investors including 360 Capital Partners, Glory Ventures, Naver and others. All Series A investors, including Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Motors, participated in this round. A second closing of this round is expected to be announced soon, introducing additional strategic partners.
“Innoviz has delivered the industry’s first high-performance LiDAR solution that perfectly meets all of the requirements necessary to take fully autonomous vehicles mainstream,” sa
id Nicolas Autret, Partner at 360 Capital Partners. “Based on the impressive adoption Innoviz has generated to date and the extremely talented team they’ve put together, it’s evident that the market has made its decision on who is going to win the LiDAR race and unlock the market’s vast potential.”
Becoming an industry standard
With over 75 employees today, the company has grown quickly since its inception in January 2016 and has achieved a number of significant milestones. Founded by former members of the elite technological unit of the Israeli Defense Forces, Innoviz landed a $9 million Series A round in February 2016, and just a few months later revealed its first prototype while also announcing the expected deployment of InnovizOne™. In December 2016, Innoviz publicly announced its first partnership with the leading Tier 1 automotive supplier, Magna International Inc, enabling Magna and Innoviz to jointly collaborate on various OEM programs. In May 2017, Innoviz announced a partnership with manufacturing company Jabil Optics to mass produce InnovizPro. In August 2017, Innoviz signed a commercial partnership agreement with Delphi, a leader in autonomous driving software and sensors, to integrate its LiDAR into Delphi’s systems and create an industry-leading standard for LiDAR integration into autonomous driving systems.it
Innoviz’s precise and sophisticated sensing technology also enables it to provide a superior algorithmic layer that uses deep learning to turn 3D vision into critical driving insights. By providing advanced software solutions in areas such as HD mapping and SLAM (Simultaneous Localization And Mapping), the company is able to deliver the superior object detection and classification necessary to move the industry towards mass commercialization.
Innoviz hopes that the funding will enable it to take its technology to mass production while scaling its computer vision activity, forging new strategic collaborations, and penetrating new areas of development. The company will also hire aggressively to fill positions in engineering, design, sales and other key functions, as well as open new support offices in important regions.