Investment Update : West Fountain Parallel Fund invested in Series C of Innoviz Technologies
In April 2019, West Fountain Global Fund LP ("West Fountain"), an offshore parallel fund of West Fountain Parallel Fund, and Shenzhen Capital Group Company, Ltd. (“SCGC”) completed a Series C investment in Innoviz Technologies, Ltd. "("Innoviz"), a provider of high-performance MEMS LiDAR sensors and sensing software. Other investors included China Merchants Capital, New Alliance Capital, Israeli investment firm Harel Insurance Investments and Financial Services and Phoenix Insurance Company.
Innoviz, founded in January 2016, is an Israeli company that develops solid-state LiDAR sensors and sensing software. The performance of the company's solid-state LiDAR is in a leading position and has a material mass production agreement with BMW.
Two years ago, Innoviz launched two MEMS solid-state LiDARs: InnovizPro and InnovizOne. The Series C funding will support Innoviz in commercialising both products and accelerating the production, development and team expansion of the solid-state LiDARs.
Specifically, InnovizPro is a high-performance solid-state solution based on MEMS scanning technology that delivers outstanding performance and value for automotive, mapping and other applications.
InnovizOne is a vehicle level solution that is easy to integrate seamlessly, providing 3D sensing capabilities for Level 3 to Level 5 autonomous driving, and is scheduled to be on the market this year.
West Fountain Parallel Fund is very optimistic about Innoviz's future business development worldwide and believes that Innoviz will have a significant presence in China, the world's largest automotive market.