Porsche Participates in TriEye’s Series A Financing

Porsche has injected fresh capital into TriEye, an Israel-based startup, Reuters reported. The German car maker’s strategic investment marks the extension of TriEye’s Series A funding round to $19 million.

TriEye is developing sensor technology for autonomous vehicle systems and vehicle driver-assistance, which would give them clear visibility of roads during a rainy, foggy or a dusty day.

The participants of the Series A funding were Grove Venture and Intel Capital, which initially led the show. Porsche has held shares in Grove Ventures for two years. The investment details of Porsche were not revealed.

Since its establishment, the startup has raised $22 million.

According to TriEye, it will utilise the fresh capital to develop its current products, and operations and hire talents.

Earlier, in May, the company unveiled an early funding round. The funding was led by Intel Capital and saw participant from Grove Ventures (TriEye’s existing investor) and Israeli businessman Marius Nacht. In 2017, TriEye got fundings worth $3 million from a seed investment led by Grove Ventures.

In light of the cameras developed by TriEye; designed to save people’s lives on the roads, is expected to be available by next year.

According to Porsche Ventures, it is scouting investments in various businesses in the areas such as digital lifestyle, customer experience including blockchain, AI, VR, and AR.