Innoviz Technologies, the Israel-based company that develops cutting-edge LiDAR (Light Detection and Ranging) technology, has closed its Series C funding round with an additional $38 million to bring the total series funding to $170 million.
In March, the tech firm announced that it has raised $132 million in the Series C round, with Chinese investment firm China Merchants Capital Management (CMC) as lead investor.
The round remained open for a second closing, with Shenzhen Capital Group, New Alliance Capital, Israeli institutional investors Harel Insurance Investments, and Phoenix Insurance Company as initial investors.
Innoviz did not provide details of the investors who injected the additional $38 million. To date, the firm said it has raised a total of $252 million in funding.
Established 2016, the company is developing two LiDAR products, InnovizPro – a testing and development platform for auto manufacturers, Tier 1 suppliers and technology companies – and InnovizOne, an automotive grade LiDAR device for autonomous driving stages, anticipated to begin shipping in this year.
LiDAR is a crucial technology for enabling autonomous vehicles to sense their surroundings.
The fresh funding will support several key initiatives, including the enhancement of Innoviz’s perception software, the firm said in a statement. The software provides vehicles with a deep understanding of the 3D driving scene, including superior object detection, classification, segmentation, and tracking technology.
“Furthermore, Innoviz will leverage the latest funding to benefit broader business activities, including accelerating its path to mass production and commercialization of its leading LiDAR solutions and perception software to address growing demand for sensing solutions that enable autonomy,” the startup said.
Innoviz added that it is focusing expansion efforts in key automotive markets including the US, Europe, Japan, and China.
The fresh capital will also fuel the company’s plan to expand its research and development efforts by investing in the buildout of next-generation products and software that will feature more cost reductions and improved performance.
Innoviz is also backed by top-tier strategic partners and investors, including Magna International, Samsung, Aptiv, Magma Venture Partners, Vertex Ventures, SoftBank Ventures Asia, 360 Capital Partners, Glory Ventures, and Naver.
In January, Sequoia Capital China has co-led a Series A investment of $32 million in Baraja Pty, an Australian LiDAR technology developer for autonomous vehicle applications.