Corephotonics raises $15 million from Samsung, Foxconn, MediaTek

JERUSALEM (Reuters) - Corephotonics, an Israeli maker of dual camera technologies for smartphones, said on Wednesday it raised $15 million in a funding round that included Samsung Ventures, iPhone manufacturer Foxconn and chipmaker MediaTek.

The latest round brings total fundraising to more than $50 million.

Corephotonics’ other investors include Magma VC, Amiti Ventures, Chinese billionaire Li Ka-shing and Solina Chau’s Horizon Ventures, OurCrowd – the equity crowdfunding firm, flash storage solutions company SanDisk and Chinese telephony services provider CK Telecom.

The investment, along with the existing cash on hand and revenue forecast for 2017, will be used for developing next generation cameras for smartphones, and for expanding existing products’ penetration. It will also help Corephotonics expand into the automotive, drone, surveillance, and action camera markets, the company said.

Reporting by Steven Scheer