Opsys Tech Closes Series C Financing to Accelerate Production Ramp of Its Automotive-Grade True Solid-State LiDAR Sensors

LAS VEGAS and HOLON, Israel, Jan. 5, 2023 /PRNewswire/ -- Opsys Tech Ltd., a leading developer of patented True Solid-State Scanning LiDAR technology, today announced the final closing of its Series C financing round. The final closing raised $36.5 million, bringing the total amount of Series C funding to $51.5 million. The financing round included major investments by leading venture capital firms, including 83North, Osage University Partners, Translink Capital, and Saban Ventures.

The Series C financing will support the ramp of commercial automotive production quantities of Opsys Tech's LiDAR sensor solutions. Opsys Tech has developed the world's only highly reliable, low-cost, and high-performance solid-state scanning LiDAR sensor with absolutely no moving parts that meets "all specs at all times".

"We are very pleased to have completed our Series C financing and we are gratified by the validation of our unique technology and our demonstrated commercialization progress," said Eitan Gertel, Opsys Executive Chairman, "Customer feedback on the best-in-class overall performance of our sensor has been incredible and our customer engagement levels have never been higher. Based on customer feedback, we believe we have developed the only LiDAR sensor available on the market that can meet all customer requirements at all times to enable a complete automotive LiDAR solution. Opsys unique True Solid-State Scanning LiDAR sensor is capable of meeting all automotive reliability requirements and performance specifications necessary to enable advanced ADAS systems at all levels of autonomy while delivering best value to our customers. With the closing of this financing round, we can complete the full production ramp of our True Solid-State Scanning LiDAR product line and we are looking forward to supplying our customers with production quantities of our LiDAR sensors."

The Opsys team invites you to meet us at CES 2023, booth #6507 in Las Vegas, NV and to schedule to take a ride with our live demo @ Vegas traffic.

Opsys Tech was founded in 2016 and has developed a world-leading patented True Solid-State Scanning LiDAR solution that will drive adoption and commercialization of autonomous and semi-autonomous vehicles with maximized safety and performance. Opsys Tech is headquartered in Israel, with locations in the United States, Europe and Asia. On the Web: www.opsys-tech.com

LinkedIn:  https://www.linkedin.com/company/opsys-technologies

SOURCE Opsys Tech