Samsung, SoftBank back lidar startup Innoviz

November 01, 2017 //By Peter Clarke
Samsung and SoftBank Group have been revealed as additional investors solid-state lidar developer Innoviz Technologies Ltd. (Kfar Saba, Israel).

The extension to the Series B round of funding was expected with the latest additions bringing its value up to $73 million from a previous close of $65 million. The additional $8 million comes from Samsung Catalyst, a Samsung Electronics early stage venture capital fund, and from SoftBank Ventures Korea, a SoftBank Group early stage venture capital arm based in Seoul.

This brings the total amount of money invested in Innoviz to $82 million.

Automotive tier-1 companies have invested in the Series-B round (see Magna joins Delphi in backing Innoviz and Delphi takes stake in lidar startup Innoviz ) and the Series B also included 360 Capital Partners, Glory Ventures, Naver and others. The round coincides with Innoviz's lidar beginning mass production.

The proprietary solid-state lidar includes a MEMS device and receiver for good sensing in direct sunlight, varying weather conditions and in multi-lidar environments, the company claims. The InnovizPro development platform will be available to tier-1 suppliers and auto manufacturers in the first quarter of 2018. Samples of the InnovizOne automotive grade lidar device for level 3 to level 5 autonomous driving are expected to ship in 2019.

Related links and articles:

www.innoviz.tech

www.samsungcatalyst.com

www.softbank.co.kr/en/

News articles:

Innoviz funding round worth $65 million and rising

Delphi takes stake in lidar startup Innoviz

Magna joins Delphi in backing Innoviz

Lidar startup becomes 'unicorn'