November 6, 2018 / 11:01 AM / 9 months ago

Israeli automotive chip developer Valens raises $63 mln

TEL AVIV, Nov 6 (Reuters) - Israeli automotive chip developer Valens said on Tuesday that Linse Capital, joined by Oppenheimer Asset Management, invested $63 million in the company, bringing its total amount raised to $164 million.

Valens said it is looking to accelerate the development of its portfolio for autonomous vehicles and address the requirements of its automotive partners.

“The autonomous and connected vehicles that automakers are designing today depend on advanced chipsets to enable high-speed data transmission,” Valens CEO Dror Jerushalmi said.

Valens raised $60 million in 2017 from investors that included Israel Growth Partners, Delphi, Samsung Catalyst Fund, Goldman Sachs and MediaTek. (Reporting by Tova Cohen)

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