Two technology start-ups, one in San Francisco and one near Tel Aviv. The company said this week that it has raised nearly $0. 2 billion to support the development and production of lidar sensors for automatic vehicles.
Israeli start-up Innoviz Technologies said on Tuesday it raised $0. 132 billion, totaling $0. 214 billion, surpassing the money raised by industry leaders Velodyne and Quanergy, each project is worth about $2 billion.
No valuation figures were provided by Innoviz. San Francisco-
The company's founder, including a former Quanergy executive, said on Monday that it had raised $60 million, bringing its total funding to $90 million.
Innoviz and Ouster are competing in a crowded space, with more than 50 lidar startups competing to provide sensors to automakers and their major suppliers.
A key component of self
Lidar sensors use laser pulses to measure distances and render accurate images of the environment around the car.
According to Reuters's analysis of public investment data, more than $1 billion in corporate and private investment has been invested in the industry over the past three years, including a record $0. 42 billion in 2018.
Automakers and large suppliers have begun betting on different lidar startups and competing technologies.
Analysts expect that the Lidar Industry may eventually be compressed to five or six major players, but it may not appear until after 2025.
At the same time, Innoviz continues its efforts to get to the forefront of lidar providers.
Established in 2016, the company has signed the first contract with BMW to supply self-operated cars.
Driving a vehicle in 2021.
Innoviz has received financial support from Japan SoftBank Group and auto suppliers Aptiv Plc, Magna International and Samsung Group.
The company's recent funding comes from several large investors in China and Israel. Founded in mid-
2015, Ouster raised more money from several initial investors, including Cox and fontinews Partners
Ford, chairman of the Ford Motor Company.
New investors, including Silicon Valley banks.
Ouster refused to disclose the specific self.
The company says its sensor business focuses not just on vehicles, but on sales to customers in various industries including drones, maps and defense.
Oster said it plans to start producing "thousands" of sensors at the San Francisco plant later this year. (
The story corrects the third paragraph by saying that orst raised a total of $90 million instead of $87 million, and paragraph 10 says orst was established in the medium term. 2015, not 2016)