Israeli startup TriEye, the developer of the world’s first CMOS-based Short-Wave Infrared (SWIR) sensing solution for mass-market applications, has raised $74 million in new capital. The funding round was led by M&G Investments and Varana Capital, with the participation of Samsung Ventures, SDF (the investment arm of Tawazun Holdings), Deep Insight, Allied Group, and Discount Capital. Follow-on investors Intel Capital, Porsche Ventures, Marius Nacht, and Grove Ventures, were also included. This brings TriEye’s total funding to $96 million as of this writing.
“TriEye is an exceptional company with groundbreaking technology, even within the competitive landscape of Israeli technology companies,” said Hanoch Papoushado, Discount Capital’s Chief Investment Officer and TriEye’s incoming Board Observer. “We are excited to join such a select group of investors and help support TriEye in its journey.”
“The vision systems market currently lacks necessary and vital image data,” added Ezra Gardner, Partner at Varana Capital. “With TriEye’s game-changing SWIR sensing technology, vision systems will gain an additional layer of information, reshaping how they operate and enhancing their capabilities tremendously.”
TriEye will use the funds to commercialize SEDAR (Spectrum-Enhanced Detection And Ranging) for next-generation ADAS features and autonomous vehicles. According to TriEye, SEDAR is the first complete solution capable of producing both HD image data and a detailed depth map in all visibility conditions. “Indeed, we believe SEDAR will change the automotive perception market as we know it today. And this is just the beginning,” said Avi Bakal, CEO and Co-Founder of TriEye. “Thanks to the support of our new and existing investors, TriEye is accelerating its growth as we look to become a critical player in smart, safe, reliable, and cost-effective automated vision systems.”
In a recent press release, TriEye writes that global OEMs in various industries are interested in leveraging the capability of SEDAR. Outside of automotive specifically, TriEye said it plans to disrupt other industrial markets through a highly competitive price point, with commercialization beginning in 2022.
“TriEye’s CMOS-based SWIR sensor has the capability to enable superhuman vision at a fraction of the cost of existing SWIR systems with numerous applications across autonomous vehicles, medical, and industrial,” explained Samer Zawaideh, Head of M&A and Venture Capital at SDF. “Thanks to the Abraham Accords, we have the opportunity to invest in a company like TriEye that is developing a groundbreaking technology which aligns well with our venture capital investment strategy.”
“The autonomous market, among many others, is demanding technology that offers a new, safer, and more complete way to ‘see’ the world. This need is giving rise to extraordinary changes in the way we make and use the products and services that surround us,” added Carl Vine, Portfolio Manager at M&G Investments. “By re-imagining SWIR technology at a price point orders of magnitude below existing SWIR solutions, TriEye will play an important role in enabling higher levels of automation in the global economy.”
Continued Industry & Investor Support
Officials at Samsung Ventures applauded the TriEye team, saying the company has a proven track record and the ability to solve multiple mass-market challenges. Dr. Eyal Kishon from Deep Insight, who will join TriEye’s Board as an Observer, echoed similar sentiments. “It is exciting to see the incredible progress the team has made with an innovative approach that dramatically improves visibility while reducing costs and enabling diverse SWIR applications,” Dr. Kishon said.
“We are very happy about the impressive development of TriEye and are proud that Porsche has been a partner of their journey since very early on,” said Patrick Huke, Head of Porsche Ventures, Europe & Israel. “Our early investment and the partnership between TriEye and Porsche is another example of success for the exciting innovation ecosystem that Israel has to offer, which we will make use of increasingly in the future.”