Innoviz Technologies completed its $65M Series B round to continue development of its solid state lidar for autonomous vehicles. All Series A investors participated in this round, including Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Motors, as well as strategic partners Delphi Automotive and Magna International.
We’ve written about Innoviz a couple of times in the past, when the company received its $9M Series A Round, and after the announcement of a partnership with manufacturing company Jabil Optics to mass produce its lidar sensor InnovizPro. Last month, Innoviz partnered with Delphi Automotive to integrate its technology into Delphi’s systems as a way to provide automakers with a comprehensive portfolio of autonomous driving technologies.
This Series B round helps Innoviz move its technology to mass production, while also scaling its computer vision activity, forging new strategic collaborations, and penetrating new areas of development. The company will also open new positions in engineering, design, sales and other key functions, as well as new support offices in important regions.
As Innoviz Co-Founder and CEO Omer Keilaf puts it, Innoviz’s vision is to develop “a lidar solution that delivers superior performance at a reasonable price and in a much smaller footprint – three factors that are required to help autonomous driving achieve mass commercialization.”
Both InnovizOne and InnovizPro use proprietary MEMS, detectors, and other technologies. This enables them to adapt to different environments, such as low light at night time, bright sunlight, and varying weather conditions. Innoviz’s technology also provides an algorithmic layer that uses deep learning to analyze 3D vision data for critical driving insights. Innoviz says its use of HD mapping and SLAM (Simultaneous Localization And Mapping) offer the object detection and classification needed for mass commercialization of autonomous vehicles.
Innoviz expects to release InnovizPro by Q1 2018, and have InnovizOne samples in 2019.