German solid state LiDAR startup raises Series A funding
The round for the Munich-based solid state LiDAR start up was led by the venture capital unit of automotive system supplier Continental together with Wachstumsfonds Bayern, which is managed by Bayern Kapital. The round included the existing investors Fluxunit, which is part of OSRAM Ventures, High-Tech Gründerfonds, TEV (Tengelmann Ventures) and Unternehmertum Venture Capital Partners. These had provided $5.7m in seed funding. The amount of the Series A round was not disclosed.
Blickfeld says it will use the funding to ramp up production, qualify its solid state LiDAR sensors for the automotive market and strengthen the application development and sales teams for industrial markets. It currently has 100 staff. The company says its patented technology is suitable for smart cities, industrial applications and security systems as well as driverless cars.
“The safety of autonomous vehicles is based on LiDAR sensor technology. We see Blickfeld in a unique position here, as our technology stands out due to its mass market capability,” said Florian Petit, co-founder of Blickfeld. “But the mobility sector is not the only area of application for our LiDAR sensors and recognition software: Numerous other successful customer projects in logistics, smart cities or the security sector confirm our approach, as does the financial commitment of the venture capital unit of Continental, Bayern Kapital and our previous investors. We are now looking forward to taking the next steps into series production.”
“Blickfeld’s industry-agnostic value proposition, i.e. reliability, performance and scalability, addresses various growth markets in automotive and beyond. What truly sets the company apart is the advanced technological maturity, which the team has achieved in an extremely short amount of time. Supported by a strong syndicate of VC investors and industry experts, Blickfeld now is in prime position to establish itself as a key player in future sensing technology,” said Nils Berkemeyer, Venture Capital Manager at Continental.
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