- Congratulations to TriEye!
It was announced today that TriEye, one of Grove’s portfolio companies, which invented an innovative camera that can cope with adverse weather and night-time conditions — and is set to revolutionize the autonomous vehicles industry, has raised $17 million in a Series A funding round, led by Intel Capital.
We were fortunate to be the first to invest in TriEye, as part of its seed round more than a year ago. Back in 2017, the company included only a number of enthusiastic individuals who had an incredible idea on how to change the world of vision for autonomous machines. Today, TriEye employs dozens of experts specializing in device physics, process design, electro-optics and deep learning and the company continues to grow and amaze us every day anew.
We could not be prouder of TriEye and its founders Avi Bakal, Prof. Uriel Levy and Omer Kapach. We are positive that the partnership with Intel is only one milestone out of many to come in their successful journey to conquer new markets with their groundbreaking camera solution.
Cutting Costs Dramatically
TriEye’s shortwave infrared (SWIR) camera was developed after nearly a decade of advanced nanophononics academic research at the Applied Physics Department at the Hebrew University in Jerusalem. At a fraction of current solutions’ cost of SWIR cameras, TriEye’s technology can be used in a variety of industries including surveillance cameras, automation and perhaps in the most revolutionary way in the automotive industry.
Enabling Cars to See What Other Cameras Can’t
TriEye’s cutting-edge technology is solving the low-visibility challenge for the autonomous driving industry by providing a cost-effective, high resolution SWIR technology. This enables visualization under low-visibility conditions, including nighttime and bad weather. Put simply, TriEye provides image data which standard vision cameras simply cannot see, ultimately allowing for better reliability and safety for autonomous vehicles.
Solving a Challenge Through Deep Technology
The company’s Raven SWIR camera is based on its breakthrough image sensor, which enables short wave infrared capabilities with a CMOS-based sensor.
The solution arrives to the automotive market at the right time, which is why we saw and continue to see an incredible opportunity for TriEye: We are convinced that the company will become an integral part of a solution which deals with the challenges of driving at low-visibility conditions for autonomous vehicles.
It may seem like TriEye’s mission is extremely challenging, but as we are familiar with potential sub-contractors and the required unique processes ahead, we guided and will continue to guide the company and ensure it is headed towards the best possible directions for further development as well as that it realizes the best opportunities for partnerships and growth.
Like other Israeli companies in the autonomous vehicles industry, such as Innoviz that manufactures LiDAR sensors and perception software, or Mobileye which was acquired by Intel in a $15.3b deal in 2017 after developing vision technology for Advanced Driver Assistance Systems (ADAS), TriEye understood one of the market’s most challenging problems and solved it in a unique way that no other company has thought of. This is what excited us so much in their technology, and why we are positive that the company will soon be pioneering the category.
Exciting Times Ahead
A third eye is a mystical concept of a speculative invisible eye which provides perception beyond ordinary sight. TriEye’s cameras do exactly that for autonomous cars, and that’s where the company got its name from. Though this technology allows for what now seems magical, creating it involved nothing but mystical powers: It was a thorough engineering and scientific process.
At Grove, we try to have our own third eye for companies such as TriEye, which have a unique combination of disruptive, deep-tech-based solutions and exceptional people who build them. Developing a unique sense for the next generation of companies that will change the world we live in and helping them prosper again may look like magic for those looking from the outside. However, we know that it can only be achieved through hard work, thorough due diligence processes and ongoing guidance and support.
We are excited and proud of TriEye’s accomplishments and can’t wait to see what the future holds for its team as it paves the way for the creation of smarter, safer, and more cost-effective autonomous vehicles. A step forward for a better world.
