Israeli Oryx Vision, which develops depth sensors for autonomous vehicles, has raised $50 million in Series B funding. The round was led by Third Point Ventures and WRV, with participation from Union Tech Ventures, Bessemer Venture Partners, Maniv Mobility and Trucks VC. The company has now raised $67 million to date.
Oryx builds automotive light sensing technology called LiDAR (Light Detection and Ranging). LiDAR technology is able to create a 3D view of its surroundings by sending laser pulses and detecting the returning signals, achieving the depth vision necessary for autonomous driving. Unlike other LiDARs that use photodetectors, Oryx uses silicon-based microscopic antennas to detect light waves - technology that is lower cost and "a million times more sensitive", according to the company.
Oryx says it will use the new funds to commercialize its product with car equipment manufacturers and suppliers. The company expects to ship units for testing in vehicles in the second half of 2018.
“Over the past year, Oryx has validated much of the promise we’ve identified in it when we first invested in the company," said Adam Fisher, Partner at Bessemer Venture Partners. "During that time, the space has heated up, as many industry players realized that active depth sensing is pivotal for autonomous driving and that existing solutions come short. Oryx is best placed to meet the challenge and become a winner in this market, and we welcome the new investors who share our belief.”
Founded in 2009, Oryx employs a team of physicists, optical engineers, antenna designers, software developers, and signal processing experts.
Read more: PE Hub Network (Press release)