Porsche Backs Autonomous Cars Semiconductor Startup TriEye

Porsche Ventures, the investment arm of the sportscar subsidiary of German carmaker Volkswagen, has invested $2 million in Tel Aviv-based semiconductor startup TriEye Ltd., the latter announced Wednesday. The new investment brings the company's series A funding round, first announced in May, to $19 million.

Founded in 2017, TriEye develops shortwave infrared imaging technology designed to help autonomous vehicles "see" better under limited visibility conditions such as darkness, fog, and dust. The company has raised approximately $22 million to date. TriEye is chaired by Dov Moran, co-founder and CEO of USB flash drive developer M-Systems Inc., bought by SanDisk for $1.6 Billion in 2006.