The extension to the Series B round of funding was expected with the latest additions bringing its value up to $73 million from a previous close of $65 million. The additional $8 million comes from Samsung Catalyst, a Samsung Electronics early stage venture capital fund, and from SoftBank Ventures Korea, a SoftBank Group early stage venture capital arm based in Seoul.
This brings the total amount of money invested in Innoviz to $82 million.
Automotive tier-1 companies have invested in the Series-B round (see Magna joins Delphi in backing Innoviz and Delphi takes stake in lidar startup Innoviz) and the Series B also included 360 Capital Partners, Glory Ventures, Naver and others. The round coincides with Innoviz’s lidar beginning mass production.
The proprietary solid-state lidar includes a MEMS device and receiver for good sensing in direct sunlight, varying weather conditions and in multi-lidar environments, the company claims. The InnovizPro development platform will be available to tier-1 suppliers and auto manufacturers in the first quarter of 2018. Samples of the InnovizOne automotive grade lidar device for level 3 to level 5 autonomous driving are expected to ship in 2019.
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