DURHAM, N.C., June 12, 2019 /PRNewswire/ -- Sense Photonics, a company building the next generation of LiDAR and 3D sensor solutions for autonomous vehicles, industrial equipment and other applications, announced today that they have closed a $26 million Series A funding round.
The round was co-led by Acadia Woods and Congruent Ventures, with participation from a number of other investors, including Prelude Ventures, Samsung Ventures, Shell Ventures, Hemi Ventures and IPD Capital.
The company's cutting-edge, fully solid-state LiDAR system ushers in a new era of advanced 3D imaging technology designed from the ground up to meet the cost, performance and safety requirements for automotive and industrial applications. Based on a unique 'flash' architecture, Sense Photonics' systems have no moving parts and do not scan at all. This approach enables high resolution across wide horizontal and vertical fields-of-view without compromising frame rate. In addition, the company's camera-inspired design is highly manufacturable and enables small, customizable form factors critical for seamless integration into vehicles.
"We are very appreciative of this strong vote of investor confidence in our team and our technology," said Scott Burroughs, CEO, Sense Photonics. "The demand we've encountered – even while operating in stealth mode – has been extraordinary. We look forward to announcing our first products over the next few months and ramping up volume production."
"Congruent is excited to work with Sense Photonics and its outstanding leadership team to help bring innovation to the autonomous vehicle and robotics space," said Josh Posamentier, managing partner, Congruent Ventures. "The technology that the Sense Photonics team is working on is years ahead of the competition, and we think they are poised to disrupt multiple markets."
Samsung Ventures invested in Sense Photonics based upon its opinion that Sense Photonics' proprietary laser and sensor technologies represent a significant innovation in fundamental LiDAR technology that could have an important impact on automotive and industrial 3D sensing in the future.
Sense Photonics' Series A funding will be used for continued development and commercialization of its sensor technology and the transition to high volume manufacturing. The company is currently in early sales with select early-engagement partners in both the automotive and industrial markets and will announce general availability of its first commercial product later this year.
About Sense Photonics
Sense Photonics is building the next generation of LiDAR and 3D sensor solutions for autonomous vehicles, industrial robotics, material handling, activity monitoring and many other applications. Our core technology – protected by over 200 patents – enables a simple, high-performance, solid state solution with no moving parts that can uniquely meet the rigorous performance, reliability and cost requirements for automotive and industrial applications. Sense Photonics has offices in Research Triangle Park, NC, Silicon Valley, CA and Edinburgh, UK. We are backed by leading VC firms and strategic investors and have developed partnerships with leading automotive and robotics customers. We are building an innovative, world-class company that designs and builds the world's best 3D sensors and software solutions.
SOURCE Sense Photonics