Innoviz raised $132 Million for Automotive LiDAR
26 March, 2019
Innoviz’s automotive-grade LiDAR, InnovizOne, and its computer vision software were selected by BMW for series production of vehicles
Innoviz Technologies, from Rosh Ha’ayin near Tel aviv, has raised $132 million in Series C funding led by the Chinese investors China Merchants Capital, Shenzhen Capital Group and New Alliance Capital; and Israeli institutional investors. The company announced that given a strong demand from additional investors, the Series C round will remain open for a second closing in the coming months.
This round is unique, not only due to its size, but also its meaning: Innoviz’s automotive-grade LiDAR, InnovizOne, and its computer vision software were selected by BMW for series production of vehicles starting in 2021. The giant round will supply Innoviz with the financial backing needed to establish a mass production facility in China, in order to comply with BMW expected demand. While the BMW project will be done in cooperation with Magna International, Innoviz is developing products and perception software solutions through partnerships with other Tier 1 suppliers, including HARMAN, HiRain Technologies and Aptiv.
“We’ve experienced significant growth over the past year to meet increased demand for solid-state LiDAR. This fundraising enables us to bring this technology to market at a massive scale, required by Tier 1 suppliers and automakers leveraging LiDAR to deliver autonomous vehicles to the masses by 2021,” said Omer Keilaf, CEO and co-founder of Innoviz. The InnovizPro and InnovizOne are a laser-based sensors that measure the time of flight of a scanning laser beam. They create a dense 3D point cloud that enables exceptional perception. InnovizPro detect targets at 150 meters with up to 20 Frames per Second with Range accuracy of 3cm. Just recently Innoviz’ technology won the CES 2019 “Best of Innovation” award.