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Australian lidar firm Baraja raises $31 million in funding

·1 min read

(Reuters) - Australian lidar firm Baraja said on Wednesday it had raised $31 million in a new funding round from investors including Blackbird Ventures and Hitachi Construction Machinery.

Founded in 2016, Sydney-based Baraja is one among the many lidar startups that offer a key technology for navigation in self-driving vehicles by rendering precise images of their surroundings. The technology has attracted big investments from automakers globally.

Baraja, which did not disclose its valuation after the round, said the funds will be used for hiring and to accelerate the development of its lidar technology.

The round also included participation from Regal Funds Management and InterValley Ventures, an Australia-based venture capital fund anchored by an affiliate of Mizuho Financial Group.

(Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)