Israeli startup TriEye has announced the completion of a $3 million seed round led by Grove Ventures. Following the investment Grove Ventures managing partner Dov Moran has become chairman of TriEye. The Netanya-based company will use the funds to expand development of its systems, hire more employees and strengthen its global presence.
TriEye has developed a revolutionary visual sensory solution based on short-wave infra-red (SWIR) that has far-reaching implications for several industries including self-driving cars. The system provides an efficient sensory solution for difficult driving conditions including darkness, rain, mist and dust. The company says that SWIR based cameras allow much higher reliability and precision compared with other sensory solutions but are not used in vehicles because of their high cost.
TriEye has developed SWIR sensors to provide autonomous cars heightened visual capabilities in restricted visual conditions at significantly reduced cost. The technology has been developed after many years of research at the Hebrew University of Jerusalem by Prof. Uriel Levy, one of the world’s leading nano-optics experts.
TriEye cofounder and CEO Avi Bakal said, “The company is offering capabilities that in the past were only accessible to defense and aerospace industries and at a minimal cost compared with the past. This capability improves the safety of advanced driver-assistance systems and is a major step forward to the extensive adoption of the technology by the carmakers.”
Published by Globes [online], Israel business news – www.globes-online.com – on June 19, 2018
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