Opsys Tech Ltd., an Israeli startup that develops a patented True Solid-State Scanning LiDAR technology, held the final closing of its Series C financing round. The final closing raised $36.5 million, bringing the total amount of Series C funding to $51.5 million. The financing round included major investments by leading venture capital firms, including 83North, Osage University Partners, Translink Capital, and Saban Ventures.
Lidar is a component of Advanced Driver Assistance System (ADAS). Lidar measures distances by illuminating a target with laser light and measuring the reflection with a sensor. Differences in laser return times and wavelengths can then be used to make digital 3-D representations of the target. And a number of Israeli firms work in the field.
For example, Innoviz Technologies is an Israeli firm that offers high-performance, solid-state LiDAR sensors and perception software. In August they sealed a $4 billion deal with Volkswagen. And the most prominent and successful Israeli company that works in the field is of course Mobileye, which offers autonomous driving and driver-assist technologies. In October Mobileye hit a $17 billion valuation with a NASDAQ IPO.
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Founded in 2016, with headquarters in Israel, and locations in the United States, Europe and Asia. Opsys Tech boasts that its “unique” Pure Solid State scanning LIDAR enables ultra-high resolution, long range and fast scanning across the full FOV. Fast scanning enables pulse averaging while delivering 60 frame per second (post averaging). OPSYS delivers Pure Solid State scanning LIDAR, with “absolutely No “moving parts at market leading cost structure.
“We are very pleased to have completed our Series C financing and we are gratified by the validation of our unique technology and our demonstrated commercialization progress,” said Eitan Gertel, Opsys Executive Chairman, “Customer feedback on the best-in-class overall performance of our sensor has been incredible and our customer engagement levels have never been higher. Based on customer feedback, we believe we have developed the only LiDAR sensor available on the market that can meet all customer requirements at all times to enable a complete automotive LiDAR solution. Opsys unique True Solid-State Scanning LiDAR sensor is capable of meeting all automotive reliability requirements and performance specifications necessary to enable advanced ADAS systems at all levels of autonomy while delivering best value to our customers. With the closing of this financing round, we can complete the full production ramp of our True Solid-State Scanning LiDAR product line and we are looking forward to supplying our customers with production quantities of our LiDAR sensors.”