Innoviz: $170M Funding Round for Solid-State LiDAR

Innoviz Technologies, from Rosh Ha’ayin, Israel, has closed its Series C funding round with $170 Million secured. This is a much bigger round compare to the company’s expectation of $132M (March 2019). Innoviz provides solid-state LiDAR sensors and perception software to enable mass-production of autonomous vehicles, and had been chosen by BMW to supply the LiDAR sensors of its future autonomous car. The brings Innoviz’s total funding to $252 Million.

The announced that the funding will support several key initiatives, including the enhancement of Innoviz’s perception software. This software support the sensors by providing vehicles with a deep understanding of the 3D driving scene, including object detection, classification, segmentation and tracking. In addition, Innoviz has secured two computer vision industry experts, Dr. Raja Giryes and Or Shimshi, to serve as strategic collaborators to the software.

Dr. Raja’s experience includes senior academic and research roles and a doctorate in computer science. Or brings significant private sector experience managing teams and serving in advisory roles for computer vision, deep learning, machine learning and AI with Samsung Semiconductors, Intel, Qualcomm and Citi Bank. Innoviz will also accelerate its path to mass production and commercialization.

The company expects that its InnovizOne automotive-grade LiDAR solution to enter series production in 2021 for global automakers. The company’s high-performance, solid-state LiDAR solution InnovizPro is available now, offering better performance as well as mapping and other applications.