Provider of solid-state LiDAR sensors and perception software, Innoviz Technologies, recently announced that it has closed its Series C funding round with $170M secured. The close of the Series C round brings Innoviz’s total funding to $252M.
This funding will support several key initiatives, including the enhancement of perception software which remains a significant differentiator for the company. It provides vehicles with a deep understanding of the 3D driving scene, including superior object detection (with up to 50 times greater efficiency than industry and academic standards), classification, segmentation and tracking technology to complement LiDAR hardware offerings.
Furthermore, Innoviz will leverage the latest funding to benefit broader business activities, including accelerating its path to mass production and commercialization of its leading LiDAR solutions and perception software to address growing demand for sensing solutions that enable autonomy.
This will benefit Innoviz’s existing offerings, including its InnovizOne automotive-grade LiDAR solution, which is entering series production in 2021 for global automakers. The close of this round at $170M follows the company’s March announcement on securing an initial $132M in Series C funding.
Source: Press Release