Israel-based Valens, a producer of semiconductors that is developing connected car technology, has secured an additional $60 million in financing. The round was led by Israel Growth Partners (IGP), and includes Delphi, Samsung Catalyst Fund, Goldman Sachs and MediaTek as new investors, in addition to existing investors. Moshe Lichtman, co-founder and General Partner of IGP will also join the company's Board of Directors.
Valens provides semiconductor products for the distribution of ultra-high-definition multimedia content. In 2016 the company introduced its HDBaseT Automotive technology to address the challenges of connected cars. This latest funding round will allow the company to develop additional products, and support customers with design and development projects.
"Valens has shown its commitment to revolutionizing wired connectivity in several industries, and its success in the audiovisual and consumer electronics market is proof of it. We have been deeply impressed with Valens' management team and with their collaboration with some of the world's leading automotive companies. We believe the Valens technology will be an important enabler in the era of connected and autonomous cars and we are looking forward to assisting the company in fully realizing its potential in the market," Moshe Lichtman commented in a statement.
Read more: PR Newswire (Press release)