Innoviz Technologies has announced that it has raised US$65m in Series B funding as its groundbreaking LiDAR solution moves into mass production. Delphi and Magna participated in the round, along with additional new investors including 360 Capital Partners, Glory Ventures, Naver and others.
All Series A investors, including Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Motors, participated in this round. A second closing of this round is expected to be announced soon, introducing additional strategic partnersm Innoviz said.
"As the autonomous driving market matures, Innoviz has clearly established itself among industry leaders not only as the best-in-class LiDAR solution but also as an integral part of the overall autonomous vehicle stack," said Omer Keilaf, Co-founder and CEO of Innoviz. "Today's financing from strategic partners such as Magna and Delphi demonstrates their support for Innoviz as the industry's leading option for high-performing LiDAR and is further proof that we have moved into the next phase of our growth. Given both Magna's and Delphi's unwavering commitment to high performance and high safety standards, investing in and partnering with Innoviz is a natural choice. With their joint efforts, we will be able to scale more quickly and put autonomous driving technology on the road much faster."
Innoviz offers LiDAR (Light Detection and Ranging) technology that leverages the company's proprietary System, MEMS and Detector designs to give autonomous vehicles superior sensing capabilities, even in challenging environments such as bright direct sunlight, varying weather conditions and multi-LiDAR environments, the company claims.
The company's unique solid-state design is smaller, more reliable and more durable than existing LiDAR solutions.
"Innoviz has delivered the industry's first high-performance LiDAR solution that perfectly meets all of the requirements necessary to take fully autonomous vehicles mainstream," said Nicolas Autret, Partner at 360 Capital Partners. "Based on the impressive adoption Innoviz has generated to date and the extremely talented team they've put together, it's evident that the market has made its decision on who is going to win the LiDAR race and unlock the market's vast potential."
"While other LiDAR companies remain in the research and development stage, Innoviz is moving into mass production with LiDAR technology that delivers superior performance and affordability in a compact and reliable design," said Zohar Zisapel, Investor, Co-Founder and Chairman of the Board at Innoviz. "Innoviz has set the gold standard for autonomous vehicle LiDAR, and this latest round validates the company's ability to lead the industry forward," added Zisapel.