(Bloomberg) — Vayyar Imaging Ltd. raised $108 million in a funding round led by Koch Disruptive Technologies, propelling the Israeli startup’s valuation to more than $1 billion.
The maker of four-dimensional imaging radar sensors announced the fundraising in a statement on Monday that confirmed an earlier Bloomberg News report. It plans to use the money to expand into markets such as China, Japan and Australia, Co-Founder and Chief Executive Officer Raviv Melamed said in an interview.
“China is an extremely important and fast-growing market,” Melamed said. “We’re dealing with one of the biggest challenges it faces, that is, elderly care.”
The series E round was joined by new investors GLy Capital Management and Atreides Management. Existing backers including Battery Ventures, Bessemer Ventures, KDT, More VC, Regal Four and Claltech also participated, according to the statement.
Vayyar has now raised a total of more than $300 million since its inception. The company is considering an initial public offering outside Israel in two to three years, Melamed said.
Founded in 2011, Vayyar started in the field of medical imaging, using radio frequency technology to screen for early-stage breast cancer. The startup has expanded into sectors such as automotive, senior care, smart buildings, public safety and retail, according to its website.
Vayyar last year announced a joint venture with HCH, a unit of China’s Haier Group Corp., focusing on providing touchless fall detection for seniors. The company’s 4D imaging radar sensors can also be used to detect lighting and weather conditions in order to optimize ventilation, power consumption and other applications in smart homes or offices.
The automotive sector has huge growth potential for Vayyar, according to Melamed. The company is looking for strategic partners in China to help develop vehicle safety solutions for autonomous-driving cars.
“We’ve been engaging with several tier-one carmakers in China,” Melamed said, adding that Vayyar has partnerships with car manufacturers outside the country such as Toyota Motor Corp.
GLy Capital, a new investor in Vayyar, counts Zhejiang Geely Holding Group Co. and SK Inc. among its backers. The firm focuses on investments related to mobility and the transportation sector.
China International Capital Corp. served as lead adviser to Vayyar on the funding round.
(Updates with adviser to fundraising in last paragraph.)
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