Innoviz Technologies, the Israeli LiDAR sensor and perception software provider, announced that it has closed its Series C funding round with US$170 million. The total funding of the company came to US$252 million.

(The close of Innoviz’s Series C funding round marks a significant milestone in a long line of achievements by the company. Image: Innoviz)

The company said that this funding will support several key initiatives, including the enhancement of Innoviz's perception software. Innoviz's 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.

Furthermore, Innoviz will leverage the latest funding to benefit broader business activities, including accelerating its path to mass production and commercialization of its leading LiDAR solutions and perception software to address growing demand for sensing solutions that enable autonomy. This will benefit Innoviz's existing offerings, including its InnovizOne automotive-grade LiDAR solution, which is entering series production in 2021 for global automakers.

The close of this round at US$170 million follows the company's March announcement on securing an initial US$132 million in Series C funding. Since 2018, Innoviz Technologies have cooperated with Magna to provider LiDAR technology for the BMW Group for autonomous vehicle production.