Innoviz Technologies, a manufacturer of high-quality semiconductor detection and LiDAR detection software, raised $ 132 million in funding.
This round forecasts the arrival of new key investors, Shenzhen Capital Group, Harel Insurance Investments and Financial Services, an Israeli institutional investor, SINO-BLR Industrial Investment Fund, LP, Phoenix Insurance Company, and New Alliance Capital.
The company says the new round brings the total funding from Innoviz to $ 214 Million. Given the demand for surplus investors, the C-Series round will stay open for a second closing that will be announced in the coming months.
This latest investment will back the commercialization of its innovative LiDAR InnovizOne and InnovizPro solid-state solutions and will meet the emerging demand for advanced technologies for autonomous (AV) vehicles around the world. The company is currently emphasizing on its expansion efforts on key automotive markets including the United States, Japan, Europe, and China. It also plans to expand its research and development capabilities by investing in the creation of next-generation software and products that will ahead improve performance and reduce costs.
The company’s perception software, combined with its LiDAR technology, makes a global software and hardware stack that converts LiDAR data into a key entry for driverless transport. Innoviz said that instead of focusing on developing fast solutions in the market, it chose the way to develop a perception product and software through an alliance with full compliance with most stringent production standards in the automotive industry.
The company will also boost the production to stay in sync with the demand for InnovizPro, which is one of its top performing solid-state LiDAR in terms of automotive applications and specifically mapping. The overall development is attributed to the need to meet the futuristic demand for high-tech mobility.