As previously reported (see Magna joins Delphi in backing Innoviz and Delphi takes stake in lidar startup Innoviz) automotive tier-1s have invested in the Innoviz. Additional new investors in the Series B included: 360 Capital Partners, Glory Ventures, Naver and others.
All the Series A investors, including Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Motors, participated in the Series funding round. A second closing of this round is expected to be announced soon, introducing additional new investors.
Innoviz offers a proprietary solid-state lidar including a MEMS and receiver to provide good sensing in bright direct sunlight and varying weather and in multi-lidar environments, the company claims.
The company’s solid-state design is smaller, more reliable and more durable than existing lidar solutions, the company claims. 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 from 1Q18. Samples of InnovizOne, the company’s automotive grade LiDAR device for levels 3 – 5 autonomous driving, will be available in 2019.
Innoviz said it will use the money to go into mass production of the lidar while scaling computer vision activity, forging strategic collaborations and penetrating new application areas. The company will also plans to hire a number of staff and open support offices in important regions.
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