LiDAR Maker Innoviz Raises $132 Million

Israel-based LiDAR startup Innoviz Technologies Ltd. has made an initial close of a $132 million round, bringing the company's total funding raised to date to $214 million, the company announced Tuesday. A second closing of the round is expected in uncoming months. 

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The round was participated by Shenzhen Capital Group, China’s state-owned China Merchants Group, and Shanghai-based New Alliance Capital. Israel-based Harel Insurance Investments and Financial Services Ltd. and Phoenix Holdings Ltd. also participated in the round, as did many of Innoviz's existing investors including SoftBank Ventures Asia and Canada-based automotive supplier Magna International.

Earlier this month, Calcalist reported that the company is raising a new round of around $100 million, citing one person familiar with the matter.

Founded in 2016, Innoviz develops and markets low-cost, small-size LiDAR systems designed to enable the mass commercialization of autonomous vehicles. The company has several partnerships with automakers for its systems, including with BMW for its autonomous vehicles and with Samsung’s connected car and audio technology subsidiary Harman International Industries Inc.

The funding will go towards commercialization of Innoviz's products to address growing demand from the automotive vehicle industry. It will enable the company to reach the scale required by tire 1 suppliers and automakers, according to a statement by CEO and co-founder Omer Keilaf. Innoviz also recently expanded its presence in Germany, North America, Japan, and China.