June 11, 2019 / 10:38 AM / 9 days ago

Israeli auto lidar maker Innoviz raises another $170 million

FILE PHOTO: Omer Keilaf, CEO of Israeli firm, Innoviz Technologies, speaks during an interview with Reuters at the Smart Mobility Summit in Tel Aviv, Israel October 30, 2018.REUTERS/Nir Elias

TEL AVIV (Reuters) - Innoviz Technologies, an Israeli maker of laser-based lidar sensors for self-driving cars, said it raised $170 million in a private investment round, bringing the amount raised to date to $252 million.

“We are in the stage of ramping up our production line, which is automotive-grade products and which requires a lot of tooling and building the teams in order to start supporting different customers globally,” CEO Omer Keilaf told Reuters on Tuesday on the sidelines of the Ecomotion conference.

Keilaf said Innoviz’s products will start to ship in the coming months.

It has forged a deal with BMW and Keilaf expects BMW to start selling lidar-equipped cars in two years. Innoviz also is working with several other Tier 1 suppliers, he added.

The round included new investors China Merchants Capital, Shenzhen Capital Group and New Alliance Capital; and Israeli institutional investors Harel Insurance Investments and Financial Services and Phoenix Insurance Co.

Reporting by Steven Scheer; Editing by Tova Cohen

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