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BREAKING NEWS

Porsche invests in Israeli road visibility startup TriEye

Porsche invests in Israeli road visibility startup TriEye
FILE PHOTO: The Porsche logo is seen duering the 2020 Porsche 911 Speedster reveal at the 2019 New York International Auto Show in New York City, New York, U.S, April 17, 2019. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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TELAVIV (Reuters) – 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 <PSHG_p.DE>.

The amount invested by Porsche was not disclosed.

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 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.

(Reporting by Tova Cohen; Editing by Steven Scheer)

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