The Venture Codex

Participated · Series B · Sep 2017

Innoviz Technologies Ltd. announced it expects to receive $200 million in funding through a private placement. The company entered into a subscription agreement for 20,000,000 common shares at $10 per share for gross proceeds of $200,000,000. The transaction is being led by Antara Capital LP and was raised at a post-money valuation of $1,375,000,000. The board of directors has approved the transaction. The closing is targeted for the first quarter of 2021 on the date of, and immediately following, the consummation of a merger and is subject to regulatory and stockholder approvals and other customary closing conditions. The company has entered into a 180-day lock-up agreement from issuance. Innoviz develops solid-state lidar sensors and bundled perception software aimed at autonomous vehicles and robotaxis. Its flagship product, InnovizOne, is an automotive-grade lidar system the company says can be produced and sold at roughly 90% lower cost than its first-generation system. Innoviz packages perception software with its sensors and partners with OEMs and Tier 1 suppliers such as Magna, HARMAN, HiRain Technologies and Aptiv. The company has secured commercial design wins, notably with BMW for series production starting in 2021. With the new funding, Innoviz plans to scale production, expand manufacturing capacity, and grow in key markets including the U.S., Europe, Japan and China. It also intends to invest in R&D to develop next-generation products and improved software performance. Innoviz Technologies, based in Kfar Saba, Israel and led by co-founder and CEO Omer Keilaf, develops solid-state LiDAR sensing solutions aimed at the mass commercialization of autonomous vehicles. The company leverages proprietary System, MEMS and Detector designs to deliver long-ranging, accurate sensing at cost and size targets for automotive adoption. Its product lineup includes InnovizPro, a development platform for automakers, Tier 1 suppliers and tech companies, and InnovizOne, an automotive-grade LiDAR device targeting levels 3–5 autonomy. InnovizPro was slated to be available in Q1 2018, while samples of InnovizOne were planned to begin shipping in 2019. The company said it will use the new funds to grow its team across R&D, operations, marketing and business development. At the time of the article the Series B had been extended and the company reported total funding of $82M. Innoviz makes solid-state LiDAR sensors designed for greater reliability (no moving parts) and improved sensing across challenging conditions such as bright sunlight. The company offers a development-focused product, InnovizPro, and plans to begin delivering InnovizPro to automakers starting in the first quarter of next year. Its automotive-grade InnovizOne sensor is slated to be available as a manufacturing sample sometime in 2019. Innoviz raised $65 million in a Series B from strategic partners and auto suppliers to help push toward mass production of its LiDAR modules. The funding will also support the company’s computer vision work and formation of new partnerships. Strategic investors Delphi Automotive and Magna International—both positioned to supply automakers with autonomous-driving components—are already working with Innoviz to integrate its technology into OEM systems. Innoviz Technologies develops compact solid-state Lidar sensors aimed at autonomous vehicles. The company says its prototype is working internally and it plans a public demo by the end of this year, with a mass-production-ready product targeted for mid-2018. Innoviz aims for an under-$100 price point at volume by reducing components and expects a package smaller than 5cm x 5cm x 5cm. The company declined to disclose technical details but said it took a different technical approach to the scanning element than competitors such as Quanergy and MIT. Beyond hardware, Innoviz is expanding its team to build complementary software for mapping and localization, object detection and tracking, and sensor fusion. Financially, Innoviz raised $9 million in a Series A round closed in February.

Participated · Series B · Aug 2016

Quanergy Systems develops high-performance, AI-powered LiDAR sensors and smart perception platforms for mapping, security, smart cities, smart spaces, industrial automation and transportation. The company offers products including the 100% CMOS-based solid state S3-2 sensor and the M8 sensor, and bundles sensing with its Flow Management platform for access control and people counting. Quanergy has deployed smart city traffic-flow installations in China with Geely and established distribution partnerships with GeoCue and Geodetics for mapping customers. The company plans to use newly secured capital to accelerate product expansion, R&D, global distribution channels, and to fill key positions across the organization. Leadership changes, including the appointment of Dr. Kevin J. Kennedy as CEO, are intended to support execution of growth strategies across Quanergy's core markets. Quanergy was founded in 2012 and is headquartered in Sunnyvale, California. Quanergy designs and manufactures compact solid-state LiDAR sensors (notably the S3) and accompanying perception software for real-time 3D spatial data capture and object detection. Product and software development is progressing briskly, with substantial orders for the S3 fulfilled this year and ongoing work to increase field of view and range in outdoor environments. Revenue is described as increasing rapidly and bookings are exceeding forecast; the Series C financing extends the company well beyond planning horizons toward cash-flow and operating breakeven and keeps its IPO process on track. Since the end of 2017 the company reports an annual production capacity of one million solid-state sensors at a fully automated Silicon Valley production line. Quanergy highlights seven granted and eight pending patents, recent awards and certifications (including ISO 9001:2015 and IATF 16949 automotive production qualification), and a goal to further accelerate innovation, commercialization, and construction of ultra-large-scale production facilities. The company is pursuing integration of third-generation solid-state LiDAR onto a single chip and aims to speed production ramping while maintaining low unit cost targets. Quanergy builds compact, automotive-grade solid-state LiDAR sensors and sensing systems, and offers AI perception software for real-time 3D mapping, object detection, tracking, and classification. The company says its sensors use standard semiconductor manufacturing processes and have no moving parts at macro or micro scale, offering lower cost, higher reliability, smaller size, and reduced weight versus mechanical alternatives. Quanergy introduced its S3 solid-state LiDAR at CES in January 2016 and currently holds pre-production contracts with multiple global customers. The company plans to use new funding to ramp production, leverage its intellectual property, scale operations and infrastructure, continue global expansion, and expand its engineering team. Financially, Quanergy raised a $90 million Series B at a valuation well over $1 billion, bringing total funding to approximately $150 million. Founded in 2012 and headquartered in Sunnyvale, California, the company targets transportation, security, mapping, and industrial automation markets. Quanergy Systems develops LiDAR sensors and software for real-time capture and processing of 3D mapping data. Its LiDAR products feature a 300-meter range, centimeter accuracy, 360° field of view, all-weather capability, compact size, low power consumption, and a low price point. The company targets transportation applications including advanced driver assistance systems and autonomous driving, and has established early partnerships with global automotive, mining, and digital mapping companies. Quanergy plans to expand its market footprint into logistics, robotics, aeronautics, security, and 3D-aware consumer electronics. Headquartered in Sunnyvale, California and founded in 2012, the company intends to use the new funding to accelerate development and commercialization of its 3D LiDAR products. As of this round Quanergy has raised a total of $34.5 million. Quanergy Systems develops LiDAR sensors and software for capturing and processing real-time 3D mapping data, enabling object detection, tracking and classification. Its core product is the Mark VIII LiDAR, which the company intends to develop and commercialize with the newly raised funds. The firm plans to apply 3D mapping data to improve on-board driver safety systems via object recognition and scenario analysis and to enable autonomous driving in the future. Quanergy has established early partnerships with global automotive companies and digital map makers and expects to expand its market footprint following the Mark VIII introduction. The company raised investment funds of an undisclosed amount from a group of backers and will use the capital for product development and commercialization. Quanergy was founded in November 2012 by CEO Louay Eldada and is based in Sunnyvale, California.