Innoviz extends funding round to $170 million to bring its lidar tech to self-driving cars
Just a few months ago, Innoviz became one of the better capitalized lidar startups when it announced it had raised $132 million in a Series C funding round. But that wouldn’t be the end of it.
The company kept the funding doors propped open and ultimately captured another $38 million from investors. The round has closed at $170 million, Innoviz said Monday.
Initial investors in the Series C round included China Merchants Capital, Shenzhen Capital Group, New Alliance Capital, Israeli institutional investors Harel Insurance Investments and Financial Services and Phoenix Insurance Company. The newest investors, and those responsible for the fresh injection of $38 million, were not named.
The close of the Series C round brings Innoviz’s total funding to $252 million.
The lidar industry is brimming with startups — about 70 according to industry experts — that see an opportunity to sell their tech to companies developing autonomous vehicles. Lidar measures distance using laser light to generate highly accurate 3D maps of the world around the car. It’s considered by most in the self-driving car industry a key piece of technology required to safely deploy robotaxis and other autonomous vehicles.
Innoviz is aiming for this very space with its