Startup Spartan Radar raised $17M from 8VC, Microsoft and others

Spartan Radar, an automotive software startup focused on leveraging radar technology for driver-assist systems and self-driving vehicles, closed its $17 million series B funding round on Wednesday.

The funding will help the Los Alamitos, Calif., company deliver its flagship Ago software-based program that improves driver-assist systems’ resolution and range to market. It also will use the funding to hire employees for its new product team and commercial vehicle division in Detroit.

Spartan’s series B funding round was led by 8VC, an Austin, Texas, technology and life sciences venture capital firm. Other investors in the round include Microsoft, Prime Movers Lab, MaC VC and Gaingels.

“Fundraising during these difficult times proved our original thesis — building truly disruptive technology while being laser-focused on the market and our customers’ needs would win the day,” Spartan co-founder and CEO Nathan Mintz said. “Investors responded to our early progress with our customers and provided the funding to transform the global radar market.”

Robert Brown, chief strategy officer at Spartan, declined to disclose the equity stakes investors will have in Spartan.

Spartan Radar has major Tier 1 automotive companies and automakers lined up for its Ago product, Brown told Automotive News.

“Hence, the expansion to Detroit,” Brown said. “That office will handle a lot of the relationships with the Tier 1s and OEMs, and also our commercial vehicle division as well.”

In November 2021, Spartan Radar closed a $15 million series A funding round, which was led by Prime Movers Lab. Spartan Radar was seeded with $10 million in August 2021.

Spartan said its products make substantial advances in resolution, allowing for “lidar-like” levels of obstacle detection for driver-assist systems and self-driving vehicles.

For all the latest Automobile News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.