March 5, 2019 / 9:14 AM / a year ago

Israel's Innoviz raising $100 million in private funding: report

TEL AVIV (Reuters) - Innoviz Technologies, an Israeli maker of laser-based lidar sensors for self-driving cars, is raising $100 million in private investment at a company valuation of $500 million, the Calcalist financial news website said on Tuesday.

Among the lead investors in this round is a large Chinese investment firm, the website said.

When contacted by Reuters, Innoviz CEO Omer Keilaf declined to comment on the report.

Founded in 2016, Innoviz has raised $82 million to date from investors like automotive suppliers Magna International and Aptiv and Chinese venture capital firm Glory Ventures.

Lidar sensors are seen by most experts as a crucial element for full self-driving cars.

Last year the company signed a deal with partner Magna to supply lidar to BMW. It also formed a partnership with Beijing-based auto products supplier HiRain Technologies to provide lidar to Chinese automakers.

Reporting by Tova Cohen; Editing by Steven Scheer

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