Porsche expects autonomous driving boost from Israeli road visibility startup TriEye

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TEL AVIV — Porsche has made an investment in Israel’s TriEye, whose short-wave-infra-red sensing¬†technology enables vision in adverse weather and night-time conditions.

The tech company has expanded its funding round to $19 million with the investment. The amount invested by Porsche was not disclosed.

TriEye’s semi-conductor design uses patent-pending technology that makes it possible to manufacture SWIR HD cameras at a fraction of their current cost, Porsche said in a statement.

“We see great potential in this sensor technology that paves the way for the next generation of driver assistance systems and autonomous driving functions. SWIR can be a key element: it offers enhanced safety at a competitive price.” Michael Steiner, Porsche’s r&d boss, said in the statement.

TriEye said on Wednesday the additional funds will be used for product development and operations as well as team growth.

In May, TriEye announced an 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 it plans to launch its camera in 2020.

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.

Automotive News Europe contributed to this report

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