Israeli startup TriEye, from Tel-aviv has expanded its Series A round from $17 million to $19 million, with extra investment made by the German car manufacturer Porsche. In May 2019, TriEye announced the funding round is led by Intel Capital and includes Marius Nacht and Grove Ventures. Since its inception, TriEye has raised $22 million, including a $3 million seed investment in November 2017, led by Grove Ventures.
TriEye develops a Short-Wave-Infra-Red (SWIR) sensing technology to enables vision in adverse weather and light conditions. The additional funding will be used for ongoing product development and operations, as well as team growth. The company was founded in 2017 by Avi Bakal (CEO), Omer Kapach (VP R&D) and Prof. Uriel Levy (CTO) from the Hebrew University in Jerusalem, following a decade of nanophotonics research by Prof. Levy.
The company has succeeded in developing a small size and high resolution HD SWIR camera. Its CMOS-based Raven camera, whose initial samples are due to launch in 2020, will allow ADAS and AV to achieve clear vision capabilities in all light and weather conditions, including fog, dust or darkness. “We see great potential in this sensor technology that paves the way for the next generation of driver assistance systems and autonomous driving functions,” said Michael Steiner, Member of the Executive Board for Research and Development at Porsche. “SWIR offers enhanced safety at a competitive price.”
TriEye is expected to exhibit at the IAA Conference in Frankfurt from September 11th-13th, as well as the AutoSens conference, due to take place on September 17th-19th in Brussels.