Israeli Lidar Firm Lands $130 Million in Funding
Israel’s Innoviz Technologies Inc. has secured $132 million in its Series C funding round.
Among the new investors are China Merchant Capital and Shenzhen Capital Group, which Innoviz says will help it expand into China. Several Israeli investors also participated, as did existing investors such as Magna.
Founded in 2016, Innoviz specializes in MEMS (micro-electro-mechanical system) solid-state lidar. The company announced a deal last April with Magna to supply lidar for BMW vehicles, starting in 2021.
Innoviz also has partnerships with Aptiv, Harman and HiRain Technologies. In January, Harman agreed to produce Innoviz’s lidar under license for unnamed carmakers.
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A class-action lawsuit has been filed against General Motors Co. over claimed flaws in the company’s 8-speed automatic transmission used in 2015-2019 model rear-drive vehicles.
Dan Nicholson is vice president of General Motors Global Propulsion Systems, the organization that had been “GM Powertrain” for 24 years.