Innoviz Raises $132M More

PRNewswire: LiDAR startup Innoviz has raised $132M in Series C funding. The round is marked by the entrance of new major investors China Merchants Capital, Shenzhen Capital Group and New Alliance Capital; Harel Insurance Investments and Financial Services and Phoenix Insurance Company. Given demand from additional investors, the Series C round will remain open for a second closing to be announced in the coming months.

The new round will support Innoviz's commercialization of InnovizPro and InnovizOne LiDARs. A partnership with Magna International, which also participated in the round, resulted in Innoviz's automotive-grade LiDAR, InnovizOne, and its computer vision software being selected by BMW for series production of vehicles starting in 2021.

"We've experienced significant growth over the past year to meet increased demand for solid-state LiDAR. This fundraising enables many of the substantial commitments it takes to bring this technology to market at a massive scale — the scale required by Tier 1 suppliers and automakers leveraging LiDAR to deliver autonomous vehicles to the masses by 2021. We're excited to transition our production, manufacturing and research and development efforts into the next phase and continue to furnish the full stack of LiDAR hardware and software solutions to the industry," said Omer Keilaf, CEO and co-founder of Innoviz. "This round is a strong testament to the excellent progress we've made in cementing our technology as a true market leader capable of meeting the rigorous automotive standards at a cost that makes mass production realistic."