Israeli Automotive Chip Co Valens Raises $60 Million
The financing round led by Israel Growth Partners (IGP), and including Delphi, Samsung Catalyst Fund, Goldman Sachs and MediaTek as new investors, in addition to Valens ’ existing investors.
This latest funding will allow the Hod Hasharon based company to speed up time to market, develop additional products per market demands and support customers with design and development projects.
“Valens is deeply committed to the automotive market, which represents a major growth area for the company, and this financing round strengthens the ecosystem we are building to do so. Delphi, Samsung Electronics, who recently completed the acquisition of HARMAN International Industries, a provider of audio and infotainment systems for the automotive, consumer and professional markets, and MediaTek are leading players in the sector and value the potential of our solution for the advancement of the connected car,” said Dror Jerushalmi, Valens’ co-founder and CEO.
Valens was founded in 2006 by CEO Dror Jerushalmi, VP R&D Massad Eyal, CTO Eyran Lida, director of DSP Gaby Gur Cohen, software & system architecture Nadav Banet, and analog & mixed signal director Alon Benzaray.
The company introduced its HDBaseT Automotive technology in 2016 to address the challenges of the connected car, including the increasing amount of bandwidth and wiring necessary to cater to infotainment and Advanced Driver Assistance Systems needs.
During the past year, Valens has made considerable progress in the automotive industry, including:
· Having HDBaseT Automotive be selected by Daimler as the technology of choice to guarantee high performance of advanced infotainment and telematics systems.
· Launching the first automotive silicon to demonstrate the transmission of high-throughput, time-sensitive applications over an HDBaseT Automotive link while using a standard UTP channel.
“We have made some significant strides in the automotive market in the past year, and the support of IGP, who has a solid track record of investing in technology companies in growing markets, and of the unique investors’ syndicate participating in this round is a testament to this success and to our drive to continue doing so going forward,” commented Jerushalmi.
As part of this investment round, Moshe Lichtman, co-founder and General Partner of IGP will join Valens’ Board of Directors.
“Valens has shown its commitment to revolutionizing wired connectivity in several industries, and its success in the audiovisual and consumer electronics market is proof of it. We believe the Valens technology will be an important enabler in the era of connected and autonomous cars and we are looking forward to assisting the company in fully realizing its potential in the market,” said Moshe Lichtman.
“Best-in-class signal and power distribution capabilities are key enablers for increasing levels of vehicle connectivity and automation,” said Glen De Vos, Delphi senior vice president and chief technology officer. “Our investment and partnership with Valens brings great opportunity to leverage the potential of HDBaseT Automotive technology in future mobility platforms.”
“There is great potential in the automotive industry as it continues to embrace technological change. We see significant opportunity for Valens to benefit from this trend and look forward to supporting the company’s growth going forward,” commented Michael Ronen, Partner at Goldman Sachs Investment Banking Division and head of Automotive 2.0 Banking.
Read more about: Automotive Industry, Automotive technology, Dror Jerushalmi, HDBaseT Alliance, Valens