Innoviz, Israel-based startup that develops solid-state lidar sensors and perception software for autonomous vehicles, has raised $132 million in a Series C funding round that includes major Chinese financial institutions.
The round, which makes Innoviz one of the better capitalized lidar startups, includes China Merchants Capital, Shenzhen Capital Group and New Alliance Capital.
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The Series C round will remain open for a second closing to be announced in the coming months, the company said.
Lidar measures distance using laser light to generate highly accurate 3D maps of the world around the car. It’s considered a key piece of technology required to safely deploy robotaxis and other autonomous vehicles.
Innoviz is developing solid-state lidar, which proponents of this technology say is more reliable over time because of the lack of moving parts.
Like so many startups with fresh capital, Innoviz plans to use the funds to scale up the company.
For Innoviz, this means increasing production of its lidar sensors and expanding its manufacturing capacity. Innoviz is focused on expanding in important automotive markets, including the U.S., Europe, Japan and China.
Innoviz said it also plans to expand its research and development efforts by investing in the buildout of next-generation products and software that will feature more cost reductions and improved performance.