Innoviz Technologies, a provider of solid-state LiDAR sensors and perception software, announced it has raised $132 million in Series C funding. The round is marked by the entrance of new major investors China Merchants Capital, Shenzhen Capital Group, and New Alliance Capital; and Israeli institutional investors Harel Insurance Investments and Financial Services and Phoenix Insurance Company. The Series C round will remain open for a second closing to be announced in the coming months.
The company says this raise will support commercialization of its InnovizPro and InnovizOne solid-state LiDAR solutions, adding that it is focusing expansion efforts in the U.S., European, Japanese, and Chinese automotive markets. Innoviz also plans to expand its research and development efforts by investing in the buildout of products and software that will feature more cost reductions and improved performance.
“We’ve experienced significant growth over the past year to meet increased demand for solid-state LiDAR. This fundraising enables many of the substantial commitments it takes to bring this technology to market at a massive scale—the scale required by Tier 1 suppliers and automakers leveraging LiDAR to deliver autonomous vehicles to the masses by 2021. We’re excited to transition our production, manufacturing, and research and development efforts into the next phase and continue to furnish the full stack of LiDAR hardware and software solutions to the industry,” said Omer Keilaf, CEO and Co-Founder of Innoviz. “This round is a strong testament to the excellent progress we’ve made in cementing our technology as a true market leader capable of meeting the rigorous automotive standards at a cost that makes mass production realistic.”