Lidar and perception startup Innoviz raises $132 million

Lidar and perception startup Innoviz raises $132 million:

For Innoviz, this means increasing production of its lidar sensors and expanding its manufacturing capacity. 

That company has half of its business coming from China and has won nine of its supplier agreements with different automakers in the country through its HiRain partnership

The company’s aim is to enable high-volume delivery of its automotive-grade lidar system called InnovizOne at a 90% lower cost than its first-generation system, according to Innoviz.

Innoviz has locked in several key customers, notably BMW. The automaker picked Innoviz’s tech for series production of autonomous vehicles starting in 2021.

In March, Lyft announced a partnership with Magna to help get its self-driving tech into various automakers, as well as implement the ride-hailing service into future autonomous cars. Innoviz raised $65 million in Series B funding in 2017, from strategic partners and leading auto industry suppliers Delphi Automotive and Magna International, along with other investors.

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