Innoviz Raises $65 Million

Autonomous driving startup Innoviz announced the completion of $65 million in Series B financing from Magna International, 360 Capital Partners, Vertex Venture Capital, Magma Venture Partners, Delphi Automotive, and Glory Ventures.

Innoviz plans develops the key technologies involved in autonomous driving, including smart 3D sensing, sensor fusion, and accurate mapping and localization. The company’s first product is a high-definition Solid State LiDAR (HD-SSL) with best-in-class performance and significantly lower cost and smaller size than existing solutions. While continuing to improve its HD-SSL, Innoviz is also providing key autonomous vehicles technologies that rely on LiDAR, including object identification and tracking, sensor fusion, and mapping and localization products.

According to the company, the funding will enable Innoviz to take its technology into mass production while scaling its computer vision activity, forging new strategic collaborations, and penetrating new areas of development.