April 6, 2017 / 10:52 AM / 3 years ago

Israeli automotive chip firm Valens raises $60 million

TEL AVIV (Reuters) - Israeli semiconductor company Valens has raised $60 million in a financing round led by Israel Growth Partners, and including new investors Delphi, Samsung Catalyst Fund, Goldman Sachs and MediaTek, in addition to Valens’ existing investors.

The new funding will enable the company to make inroads into the automotive industry as well as speed up time to market, develop additional products and support customers, Valens said on Thursday.

Valens introduced its automotive technology in 2016 to address the challenges of the connected car, including the increasing amount of bandwidth and wiring necessary for infotainment and Advanced Driver Assistance Systems.

Reporting by Tova Cohen, Editing by Ari Rabinovitch

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