Porsche Invests In Israeli Road Visibility Startup TriEye
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Israel’s TriEye, whose short-wave-infra-red sensing technology enables vision in adverse weather and night-time conditions, has expanded its funding round to $19 million with an investment from German sports car manufacturer Porsche. TriEye said on Wednesday the additional funds will be used for product development and operations as well as team growth.
In May, TriEye announced early funding round, led by Intel Capital. Other investors in the round include Israeli businessman Marius Nacht and TriEye’s existing investor Grove Ventures. To date, TriEye has raised $22 million, including a seed investment of $3 million led by Grove Ventures in 2017.The company said its camera, whose initial samples are due to launch in 2020, is designed to save lives on the roads.
Porsche Ventures said it seeks strategic investments in businesses relating to customer experience, mobility and digital lifestyle, as well as artificial intelligence, blockchain and virtual and augmented reality.
Questions & Answers
Q.What is the primary function of TriEye's technology?
What is the primary function of TriEye's technology?
TriEye's short-wave-infra-red sensing technology allows for vision in challenging conditions, such as adverse weather and darkness. This capability is designed to enhance road safety and potentially save lives.
Q.Who are the main investors in TriEye's funding rounds?
Who are the main investors in TriEye's funding rounds?
Intel Capital led an early funding round, and Porsche has now expanded the current round. Other investors include Israeli businessman Marius Nacht and existing investor Grove Ventures, which also led a seed investment in 2017.
Q.How much funding has TriEye raised in total so far?
How much funding has TriEye raised in total so far?
TriEye has accumulated a total of $22 million in funding to date. This includes a $3 million seed investment from 2017 and the recently expanded $19 million round with Porsche's contribution.
Q.When are the initial samples of TriEye's camera expected to be released?
When are the initial samples of TriEye's camera expected to be released?
The company has stated that the initial samples of its camera technology are anticipated to launch during 2020. These cameras are intended to improve road visibility and safety.
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