LiDAR Startup Innoviz Bolsters Recent Round With $38 Million

Israel-based LiDAR startup Innoviz Technologies Ltd. has raised an additional sum of $38 million, bringing its series C funding round, announced in March, to $170 million, the company announced Monday. The new investor or investors were not disclosed.

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Investors in the round included Shenzhen Capital Group, China’s state-owned China Merchants Group, Shanghai-based New Alliance Capital, Israel-based insurance companies Harel Insurance Investments and Financial Services Ltd. and Phoenix Holdings Ltd., SoftBank Ventures Asia, and auto parts companies Magna International, and Aptiv PLC.

Founded in 2016 and based in Israeli central town Rosh Ha’ayin, Innoviz develops 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 autonomous vehicles and with Samsung’s connected car and audio technology subsidiary Harman International Industries Inc.