Baraja has raised USD31 million (USD) in a new funding round to accelerate development of its breakthrough Spectrum-Scan LiDAR technology

Baraja’s LiDAR sensors are higher performance and more reliable than legacy LiDAR systems, and enable the safe rollout of autonomous vehicles sooner. The latest capital raising was led by Blackbird Ventures and includes new strategic investment from Hitachi Construction Machinery.

Hitachi’s strategic investment comes after a two-year partnership to validate Baraja’s Spectrum-Scan sensors in real-world scenarios that prove the technology’s reliability in harsh environments. The investment will support an expanded rollout of the sensor in mining, construction & industrial vehicle use cases, and help road-test the products for future autonomous vehicles.

Additional participants in the capital raising include returning investor Main Sequence Ventures, the venture arm founded by CSIRO, alongside new investors Regal Funds Management, Perennial Value Management, superannuation fund HESTA and InterValley Ventures, an Australian based venture capital fund anchored by the Mizuho Financial Group via its affiliate New Frontier Capital Management.

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Source: Private Equity Wire