Innoviz Technologies has announced that it has raised $132 million in Series C funding. The company manufactures solid-state LiDAR sensors and perception software that enable the mass-production of autonomous vehicles.
Innoviz is known for its products like InnovizPro, a solid-state LiDAR, and InnovizOne an automotive-grade LiDAR sensor that provides 3D sensing for Level 3-Level 5 autonomous driving. The company has developed its perception software which when coupled with its LiDAR technology claims to creates a holistic hardware and software stack that turns LiDAR data into an indispensable input for autonomous driving.
The company is backed by top-tier strategic partners and investors, including Magna International, Samsung, Aptiv, Magma Venture Partners, Vertex Ventures, SoftBank Ventures Asia etc.
The fresh funding round was marked by the entrance of new major investors China Merchants Capital, Shenzhen Capital Group and New Alliance Capital; and Israeli institutional investors Harel Insurance Investments and Financial Services and Phoenix Insurance Company. Given demand from additional investors, the Series C round will remain open for a second closing to be announced in the coming months.
The company expects that this significant raise will support commercialization of its InnovizPro and InnovizOne solid-state LiDAR solutions and address growing demand for cutting-edge autonomous vehicles (AV) technologies worldwide.
Source: Press Release