LIDAR start-up Innoviz Raises $65M
Strategic partners Delphi Automotive and Magna International join new and existing investors to back Innoviz LiDAR technology
Innoviz Technologies, a provider of LiDAR (Light Detection and Ranging) sensing solutions designed for the mass commercialisation of autonomous vehicles, has raised $65 million in Series B funding as its LiDAR solution moves into mass production. This round of financing brings Innoviz's total funding to $74 million.
Strategic partners and makers of automated driving solutions Delphi Automotive 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.
"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."
InnovizPro, a development platform designed to provide auto manufacturers, Tier 1 suppliers and technology companies with the most advanced LiDAR available for testing and development, will be available in Q1 of 2018. Samples of InnovizOne, the company's automotive grade LiDAR device for levels 3 - 5 autonomous driving, will be available in 2019.
"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," said 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."
"While other LiDAR companies remain in the research and development stage, Innoviz is moving into mass production with LiDAR technology that delivers superior performance and affordability in a compact and reliable design," said Zohar Zisapel, Investor, Co-Founder and Chairman of the Board at Innoviz. "Innoviz has set the gold standard for autonomous vehicle LiDAR, and this latest round validates the company's ability to lead the industry forward," added Zisapel.
The funding will enable Innoviz 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.