Innoviz Technologies extends Series B funding to $73 million
Innoviz Technologies, a provider of LiDAR sensing solutions designed for the mass commercialization of autonomous vehicles, announced at ITS World Congress 2017 an extension of its recent Series B funding round. Bringing the round to $73 million in total, the new funding comes from strategic investors Samsung Catalyst, a Samsung Electronics early stage venture capital fund, and from SoftBank Ventures Korea, a SoftBank Group early stage venture capital arm based in Seoul.
Innoviz previously announced Series B funding from Delphi Automotive PLC, Magna International, 360 Capital Partners, Glory Ventures, Naver, and others, in addition to all Series A investors. The follow-on funding comes as Innoviz's LiDAR (light detection and ranging) solution begins mass production.
"Innoviz shares our passion for changing the world through innovative technologies," said JP Lee, Managing Director and Partner of SoftBank Ventures Korea. "LiDAR is a crucial technology for enabling autonomous vehicles to sense their surroundings, and Innoviz has proven that it is much farther ahead than other LiDAR developers in bringing powerful, dependable LiDAR to mass market."
Innoviz's LiDAR technology leverages the company's proprietary system, microelectromechanical systems (MEMS), and detector designs to deliver autonomous vehicle sensing capabilities. The company's solid-state design enables it to deliver LiDAR in a more compact, reliable device that is claimed to cost significantly less than other LiDAR options. InnovizPro, a development platform designed to provide auto manufacturers, Tier 1 suppliers, and technology companies with the most advanced LiDAR available for testing and development, will be available in Q1 of 2018. Samples of InnovizOne, the company's automotive grade LiDAR device for levels 3 - 5 autonomous driving, will begin shipping in 2019.
"We were excited to see such a high level of interest in our Series B round from such an impressive list of top-tier investors and strategic partners," said Omer Keilaf, co-founder and CEO of Innoviz. "With our LiDAR solutions moving into mass production and getting ready to begin shipping in early 2018, the backing from companies such as Samsung, SoftBank Ventures Korea, and all the rest will enable us to scale our operations as we focus on not only LiDAR but the entire autonomous vehicle stack."
This latest financing brings Innoviz's total funding to $82 million.