The round was led by M&G Investments and Varana Capital, with the participation of Samsung Ventures, SDF, Deep Insight, Allied Group, and Discount Capital along with follow-on investors Intel Capital, Porsche Ventures, Marius Nacht and Grove Ventures. This brings the total raised by TriEye to $96 million.
The company said it would use the money to commercialize SEDAR (Spectrum-Enhanced Detection And Ranging), its imaging and ranging solution for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV).
TriEye claims that SEDAR is the first vision system capable of producing high-definition images along with distance information in all visibility conditions. As such the technology has generated interest from a variety of industry sectors.
TriEye has begun with automotive companies but TriEye intends to launch into industrial markets in 2022.
“We are proud to be the first to offer the advantages of SWIR sensing technology to multiple industries at a highly disruptive price point. Indeed, we believe SEDAR will change the automotive perception market as we know it today,” said Avi Bakal, CEO and co-founder of TriEye, in a statement.
Since its founding in 2017, TriEye has continued to expand its capabilities and partnerships, collaborating with major manufacturers based in Europe, Asia, and the US, including Porsche, Continental, Denso, and Trimble. Moreover, TriEye is working closely with leading players in additional mass-market applications, including automotive, biometrics, industrial imaging, agriculture, and heavy machinery, that until recently could not harness the benefits of SWIR sensing.
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