Automotive lidar startup raises Series A

August 18, 2016 // By Peter Clarke
Innoviz Technologies Ltd. (Kfar Saba, Israel), a 2016 startup developing lidar sensors for autonomous vehicles, has raised $9 million in a Series A financing round.

The company was founded by former members of the Israeli Intelligence Corps. who went on to work for multiple startups and multinational corporations. Investors in the company include Mr. Zohar Zisapel, Vertex Venture Capital, Magma Venture Partners, Amiti Ventures and Delek Investments.

Innoviz is developing a high-definition solid-state Lidar that it claims will have a wider field of view, higher resolution in both axis and long range sensing - while significantly reducing size compared with competitors' offerings and reducing the unit cost below $100. Innoviz plans to present its prototype product by the end of 2016.

"Innoviz introduces a solution that solves a major performance and cost issue in existing technologies for Autonomous Driving," said. I always look to invest in companies leveraging advanced technologies to solve real pains for their customers and

The lack of a cost-effective Lidar is a pain point for autonomous vehicles said Zohar Zisapel, investor, co-founder and chairman of the board at Innoviz, in a statement. The company’s CEO is co-founder Omer Keilaf.

Innoviz was founded in 2016 by Keilaf, Oren Rosenzweig, Oren Buskila and Amit Steinberg and has expanded to 30 people.

Related links and articles:

www.innoviz.tech

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