Innoviz Technologies, an Israeli high-performance, solid-state light detection and ranging (LiDAR) sensors and perception software company, has raised $170 million in Series C financing.
The company secured the new capital from China Merchants Capital, Shenzhen Capital Group, New Alliance Capital, Harel Insurance Investments and Financial Services, Phoenix Insurance Co., and Magna International.
Innoviz will use the net proceeds from the round to commercialize its InnovizPro and InnovizOne solid-state LiDAR solutions and address the demand for autonomous vehicles technologies worldwide.
Additionally, the company plans to expand its research and development efforts and also focus on expanding its operations in key automotive markets including the U.S., Europe, Japan and China.