Innoviz Raises $65M for Lidar Production
KFAR SABA, Israel, Oct. 2, 2017 — Lidar sensing solutions developer Innoviz Technologies has raised $65 million in Series B funding as its product moves into mass production.
Delphi Automotive PLC and Magna International, partners and developers of automated driving solutions, participated in the round along with additional new investors including 360 Capital Partners, Glory Ventures, Naver and more. All Series A investors, including Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Motors, participated in this round.
Innoviz offers lidar technology that gives autonomous vehicles high sensing capabilities, even in challenging environments such as bright direct sunlight, varying weather conditions and multi-lidar environments.
“As the autonomous driving market matures, Innoviz has clearly established itself among industry leaders not only as the best-in-class lidar solution but also as an integral part of the overall autonomous vehicle stack,” said Omer Keilaf, co-founder and CEO of Innoviz. “Today’s financing from strategic partners such as Magna and Delphi demonstrates their support for Innoviz as the industry’s leading option for high-performing lidar and is further proof that we have moved into the next phase of our growth. Given both Magna’s and Delphi’s unwavering commitment to high performance and high safety standards, investing in and partnering with Innoviz is a natural choice. With their joint efforts, we will be able to scale more quickly and put autonomous driving technology on the road much faster.”
Innoviz is a provider of lidar remote sensing solutions to enable the mass commercialization of autonomous vehicles.
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