Vayyar Imaging Ltd. this week announced that it has finalized $108 million (U.S.) in Series E financing, bringing the 4D imaging lidar company's total funding to more than $300 million. Koch Disruptive Technologies, or KDT, led the round.
“We are pleased and proud to progress our partnership with existing investors including KDT, as well as additional backers, which are joining forces with us for the first time,” said Raviv Melamed, co-founder and CEO of Vayyar Imaging. “During a challenging period for the global economy, this new funding round is a ringing endorsement of our mission and a clear vote of confidence in the strength of our technology and the strategic agility of our organization.”
Tel Aviv, Israel-based Vayyar was founded in 2010 with a vision of detecting early-stage breast cancer using radio frequency (RF) technology. Since then, the company has since expanded its business into robotics, senior care, automotive, security, and other industries. It said its mission is to “deliver the next generation of sensing technology that is miniature, affordable, and versatile enough to impact everyone's lives, enabling a safer world.”
Vayyar provides radar perception
Vayyar claimed that it supplies “the world's most advanced” radar system-on-chip (SoC) platform, a proprietary software stack, and machine learning algorithms to gather essential data while maintaining privacy at all times.
In the automotive space, Vayyar manufactures 4D sensors for safety across the in-cabin, advanced driver-assist system (ADAS) and motorcycle domains. The company's advanced rider-assistance system (ARAS) platform is in mass production for deployment on Piaggio Group's motorbikes, offering to protect the world's most at-risk road users.
Vayyar has also secured supply contracts with automakers from Japan and Vietnam and is in advanced engagements with almost every other OEM and supplier for both in-cabin and ADAS.
In senior care, the company sells the Vayyar Care remote-monitoring system. It integrates with leading nurse-call systems and protects the aging population with automatic fall detection while collecting data to drive predictive behavioral analytics.
Vayyar recently signed a joint venture agreement with Haier subsidiary HCH Ventures to to address the 4 trillion yuan ($625 billion U.S.) “silver tech” market in China. In addition, the company has established a large-scale partnership with Amazon for remote health, safety, and security monitoring.
New investors join backers
Vayyar's Series E round includes first-time backers GLy Capital Management and Atreides Management LP. Existing investors included KDT, Battery Ventures, Bessemer Ventures, More VC, Regal Four, and Claltech. To support investor outreach in China, Vayyar engaged China International Capital Corporation Limited (CICC) as its lead financial adviser.
“KDT is excited to help further Vayyar's vision to improve the health and safety of people's lives at a global scale,” said Brett Chugg, senior managing director of Koch Disruptive Technologies. “Their 4D imaging technology is transforming the medical, smart home, elder-care, and automotive markets here in the U.S. and around the world.”
KDT said it works with entrepreneurs who can help Koch transform its capabilities, disrupt existing businesses, or expand into new platforms. KDT is a subsidiary of Koch Industries, one of the largest privately held companies in the world, with estimated revenues exceeding $125 billion and presence in over 70 countries.
Vayyar plans global expansion
After recently opening new offices in five additional territories, including Japan and China, Vayyar plans to continue to expand its activities across numerous verticals. The company said it will introduce a family of imaging systems using machine learning to be integrated with the world's leading smart building, robotics, retail, and public safety solutions.
With a strong sales pipeline and a “world-class” patent portfolio, Vayyar added that it will continue pursuing leadership in core verticals; expanding its activities in additional industries; and increasing its physical presence across the Americas, Europe, the Middle East, and Africa, and East Asia.
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