Baraja, an Australia-based lidar technology developer, secured A$40m ($31m) in a series B round yesterday backed by Main Sequence Ventures, the venture firm set up by Commonwealth Scientific and Industrial Research Organisation.
Blackbird Ventures led the round, which also attracted building equipment supplier Hitachi Construction Machinery and superannuation fund Hesta.
Regal Funds Management, Perennial Value Management and InterValley Ventures, a local fund anchored by financial services group Mizuho Financial through its affiliate New Frontier Capital Management unit.
The round valued Baraja at $228m, according to the Australian Financial Review.
Founded in 2015, Baraja’s lidar system, Spectrum-Scan, steers lasers through a prism. The lasers change colour in the infrared spectrum and the refraction through the prism inside Baraja’s sensors enables the system to determine the distance and reflectivity of objects.
The approach means the sensors can automatically adjust to changing environments, effectively emulating how the human eye adapts its focus. The technology has applications in autonomous cars and in industrial settings such as mines and ports.
Baraja will use the money to bolster its headcount and accelerate technology development.  Hitachi entered into a two-year strategic partnership with Baraja as part of its investment and will work with the startup on testing the technology in complex, real-world settings.
Main Sequence Ventures previously participated in a $32m series A round for Baraja in 2019, when Sequoia China and Blackbird Ventures also participated. The same group of investors had already taken part in a 2017 round of undisclosed size that was also branded as a series A.
Baraja had reportedly received approximately $1.5m of seed funding in 2016. The company also lists family office Prisma as a shareholder on its website, though it is unclear when it invested.
To find out more about Main Sequence Ventures and its portfolio, download our podcast interview with partner Mike Zimmerman.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.
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