Provider of LiDAR sensors and perception software, Innoviz Technologies has announced that it has closed its Series C funding round with $170 million.
The close of the Series C round brings Innoviz’s total funding to $252 million.
Innoviz Technologies says that the funding will support several key initiatives, including the enhancement of Innoviz’s perception software. The perception software provides vehicles with a deep understanding of the 3D driving scene, including superior object detection (with up to 50 times greater efficiency than industry and academic standards), classification, segmentation and tracking technology to complement Innoviz’s LiDAR hardware offerings.
In addition, Innoviz has secured two computer vision industry experts, Dr. Raja Giryes and Or Shimshi, to serve as strategic collaborators to the product and software team, leveraging their extensive experience, deep learning and machine learning techniques.
Innoviz says that it will also leverage the latest funding to benefit broader business activities, including accelerating its path to mass production and commercialisation of its leading LiDAR solutions and perception software to address growing demand for sensing solutions that enable autonomy.
Omer Keilaf, CEO and co-founder of Innoviz said, ‘This (funding) solidifies our ability to support the enormous autonomy efforts underway across the globe; to enrich our product pipeline; to collaborate across automotive, mapping, robotics and drone/UAV industries and fully execute on our vision.’