- M&G leads $74 million funding round with $25 million investment alongside Samsung Ventures, Intel Capital, Porsche, Varana Capital and others
- TriEye’s Short-Wave Infrared technology provides cost-effective, high resolution imaging – essential for driverless vehicles and other industries
The equity investment team at M&G Investments has led a $74 million financing round in TriEye, a pioneer and provider of mass-market Short-Wave Infrared (SWIR) sensing solutions. This technology has the potential to be transformational when harnessed by a wide range of sectors, including autonomous automotive, medical imaging, logistics and mobility industries.
Until now, high resolution SWIR imaging has been prohibitively expensive but TriEye has developed a cost-effective way to deploy it. The company will use the capital to support the impending launch of new imaging and ranging technology for autonomous vehicles which can be deployed in challenging visibility conditions – an essential factor for the viability and growth of the autonomous vehicle industry.
This is the second recent investment in a technology company supporting the development of driverless vehicles by M&G’s Asia Pacific equity team, who were brought into M&G in September 2019.
Carl Vine, Portfolio Manager at M&G Investments, (pictured) said: “The world is in the process of giving computers eyes. This is giving rise to extraordinary changes in the way we make and use the products and services that surround us. By re-imagining SWIR technology at a price point far below existing SWIR solutions, TriEye will play an important role in enabling higher levels of automation in the global economy.”
Avi Bakal, CEO and Co-Founder of TriEye, said: “We are proud to be the first to offer accessible SWIR sensing technology to solve vision challenges across multiple key industries. Thanks to the support of our new and existing investors, TriEye will be able to accelerate its growth, delivering data that is crucial for smart, safe, and reliable decision-making processes in a cost-effective manner.”
M&G invested $25 million on behalf of the £143 billion Prudential With-Profits Fund, which includes PruFund. As the UK’s largest With-Profits fund, it offers investors access to a wide range of assets, across different asset types and countries, creating a diversified portfolio which spreads the risk of investment.