Israeli startup which enables vision in adverse weather and night-time conditions TriEye has expanded its Series A round to $19 million with an investment from the luxury car manufacturer Porsche.
The German sports car maker invests in new ventures that are in the early and growth phases in business models relating to customer experience mobility and digital lifestyle.
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TriEye Series A funding round, announced in May 2019, led by Intel Capital. Other investors in the round include Marius Nacht and TriEye’s existing investor Grove Ventures.
Founded in 2017 by CEO Avi Bakal, VP R&D Omer Kapach, and CTO Prof. Uriel Levy, who conducted a decade of advanced nanophotonics research at the Hebrew University in Jerusalem.
TriEye has raised the same year (2017) seed investment of $3 million led by Grove Ventures. The company has raised $22 million to date.
The company has succeeded in developing an HD Short-Wave-Infra-Red (SWIR) sensing technology camera that is a smaller in size and lower in the price.
TriEye’s CMOS-based Raven camera, whose initial samples are due to launch in 2020, will allow ADAS and AV to achieve clear vision under bad weather and low-light conditions such as fog, dust or night-time. Driving tests and research have shown that even when fusing other sensing solutions such as radar, lidar, and standard cameras, the fusion solution fails in solving the low visibility challenge.
The additional funding will be used for team growth, ongoing product development, and operations.
“TriEye is a promising technology company led by an exceptionally strong team with experience in the areas of nanophotonics, deep learning, and the development of semiconductor components,” says Michael Steiner, Member of the Executive Board for Research and Development at Porsche. “We see great potential in this sensor technology that paves the way for the next generation of driver assistance systems and autonomous driving functions. SWIR can be a key element: it offers enhanced safety at a competitive price.”
