The brand emblem of Porsche in front of a car sales outlet. (picture alliance/dpa)
German sports car manufacturer Porsche has invested in road visibility and safety startup TriEye, the Tel Aviv-based company said Wednesday.
While the startup did not disclose the amount that Porsche had invested, the sum of the current funding round increased from 17 million dollars announced in May to 19 million dollars. A TriEye spokesman declined to say whether there were other investors who contributed to the additional 2 million dollars.
The startup has developed Short-Wave-Infra-Red (SWIR) sensing technology which enables vision in adverse weather and night-time conditions.
Initial samples of the company’s Raven camera are due to launch in 2020.
TriEye said the new funds will be used for ongoing product development and operations, as well as team growth.
“We see great potential in this sensor technology that paves the way for the next generation of driver assistance systems and autonomous driving functions," said Michael Steiner, Member of the Executive Board for Research and Development at Porsche, according to a press release by TriEye.
TriEye was founded in 2017 and since its inception has raised a total of 22 million dollars, including a seed investment of 3 million dollars led by Grove Ventures in November 2017.
Other investors in the company include Israeli entrepreneur Marius Nacht.
TriEye technology is set to be exhibited at the International Automobile Exhibition (IAA) Conference in Frankfurt in September as well as at the AutoSens conference in Brussels the same month.
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