Lidar technology developer Sense Photonics has emerged from stealth with $26m in series A funding from investors co-led by the UC-backed Congruent Ventures.
Sense Photonics, a US-based developer of lidar technology that offers an ultra-wide field of view, has emerged from stealth with a $26m series A round co-led by Congruent Ventures, the VC firm backed by University of California, TechCrunch reported yesterday.
VC firm Acadia Woods co-led the round, which also featured Samsung Ventures and Shell Ventures, respective corporate venturing units for conglomerate Samsung and oil and gas company Shell, as well as venture capital firm Prelude Ventures.
Venture capital firm Hemi Ventures and private equity and VC sponsor IPD Capital also contributed to the round.
Founded in 2016, Sense Photonics has developed lidar technology for autonomous vehicles that analyses surroundings by flashing light at it and using a sensor to detect obstacles.
The technology is expected to provide an ultra-wide field of vision and be easier to install. Rival offerings typically require scanning the car’s environment by sweeping a laser beam rather than capturing everything at once.
Sense Photonics remains in the prototype stage but it has partnered semiconductor manufacturer Infineon and other corporates, including an undisclosed automotive company, reportedly to help develop a first commercial product.
Sense Photonics had raised an initial $14.4m in series A funding in November 2018, when Congruent Ventures and Arab Angel Fund listed the company in their respective portfolios.
Unnamed investors had previously injected $2.8m and $500,000 in funding in 2017, according to regulatory filings.
– This article was updated on June 13 following an official press release by Sense Photonics that confirmed the involvement of Hemi Ventures and IPD Capital.
