TriEye raised $74m for Short-Wave Infrared Sensor

The Tel aviv-based developer of the world’s first CMOS-based Short-Wave Infrared (SWIR) sensing solution, TriEye, has raised $74 million in a capital fund round led by M&G Investments and Varana Capital, with the participation of Samsung Ventures, SDF (the investment arm of Tawazun Holdings), Intel Capital, Porsche Ventures, Marius Nacht and Grove Ventures. The round brings TriEye’s total funding to $96 million.

The company was founded in 2017 by Avi Bakal (CEO), Prof. Uriel Levy (CTO), and Omer Kapach (VP R&D), and is headquartered in Tel Aviv, Israel. Its technology enables cost-effective, high-resolution image data and depth perception in all weather and lighting conditions. Short-Wave Infrared (SWIR) cameras are known to can allow for object and hazard detection even under the most challenging visibility conditions.

TriEye founders (from left to right): Prof. Uriel Levy, Avi Bakal and Omer Kapach. Credit: Maxim Dinshtein
TriEye founders (from left to right): Prof. Uriel Levy, Avi Bakal and Omer Kapach. Credit: Maxim Dinshtein

But the current utilization of Indium-Gallium-Arsenide (InGaAs) material to produce SWIR sensors, is complex, expensive and involved with long lead times. Following a decade of nanophotonics research by TriEye’s CTO, Prof. Uriel Levy, the company succeed to fabricate CMOS sensor,  allowing SWIR to enter mainstream use. According to TriEye, its sensor’s prices are thousand times lower than the existing InGaAs-based cameras.

TriEye will use the funds to commercialize SEDAR (Spectrum-Enhanced Detection And Ranging), its imaging and ranging solution for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). SEDAR is capable of producing both HD image and a detailed depth-map. Commercialization is expected in the beginning of 2022. “We believe SEDAR will change the automotive perception market as we know it today,” said Avi Bakal.

Porsche Invested in TriEye from Tel-aviv

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.