Published On: Tue, Mar 26th, 2019

Israeli light-emitting equipment manufacturer Innoviz raised $132 million in Round three

Three Chinese investment funds and two Israeli insurance companies raised $214 million since Innoviz was founded in 2016 and will use the new capital for mass sensors  

Israeli LiDAR startup Innoviz Technologies, which develops light radar sensors, is preparing to start mass production. The Innoviz announced that it has completed a third financing round of $132 million, in which three Chinese investors will participate: China Merchants Capital, Shenzhen Capital Group, and New Alliance Capital, and two Israeli institutional investors: Harel and Phoenix Insurance.

Existing investors also included Samsung, Vertex Ventures, Softbank Asia, Magna, Aptiv and HiRain. In the previous rounds, Innoviz raised $9 million and $73 million. Innoviz has raised $214 million to date.

Founded in 2016 by business vice president Oren Rosenzweig, CTO Amit Steinberg, and VP R&D Oren Buskila, later joined the team investor Zohar ZIsapel.

Innoviz develops Lidar sensors, which create a three-dimensional image of the car environment as a means of navigation and safety for autonomous vehicles and drivers and does not require mechanical parts. It creates a picture of 120 degrees wide and 25 degrees long.

“Our sensor looks more like a camera, and there is no need to place it on the roof, so it is safer and does not harm the design of the vehicle,” The company’s CEO, Omer Kilef, told TheMarker. “Innoviz also develops the software layer that absorbs and processes the image obtained from the sensors.”

“The recruitment will help the company start mass production of the sensors designed for cars with a BMW driver, which are expected to come on the road in 2021,” says Kilef and added that “There are other companies that we are in contact with, and I hope things will be known later,” he said. He explained that at this stage, the company is working on developing the company’s second sensor for autonomous cars, which is supposed to be ready at the end of the year and start mass production next year.

 

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