Innoviz Technologies raised $65 million led by Naver

Innoviz Technologies raised a US$65 million funding led by Naver. Startups headquartered in Kfar Saba, Israel, are getting fresh funds to create Light Detection and Ranging (LiDAR) sensors with the InnovizOne brand for autonomous vehicle parts. Other investors who participated were Delphi Automotive and Magma International.

Tinuku Innoviz Technologies raised $65 million led by Naver

Innoviz Technologies is renowned for the development of light-detection sensors and range that are touted as the eyes of autonomous vehicles. LiDAR sensors come with important differences compared to conventional radars. The strong pulsed laser beam is able to measure the distance of objects in more detail than other sensors.

Innoviz Technologies was founded by engineers from the Israeli defense ministry in 2016 with a focus on developing algorithms for autonomous vehicles. The funds will be used to mass produce InnovizPro in the first quarter of next year and supply sensors to major global carmakers.

"The partnership will help us improve the competitiveness of sustainable cognitive research for autonomous vehicles.The other benefits of strategic alliances include potential synergies with the AI Naver Labs research facility in France," Naver said.

In February, Naver was the first technology company in South Korea to be licensed to test autonomous vehicles on the road. The company found its next source of revenue after a group of giants like Google and Samsung Electronics entered the autonomous vehicle industry.