Israeli Robotics Startup Lyte Reaches $1.6 Billion Valuation After Funding Round
Translated & summarized from Globes by baba
Robotics startup Lyte, co-founded by former Apple engineers, has raised $165 million at a $1.6 billion valuation to develop advanced chips for robots. The company aims to create a consolidated "visual brain" for enhanced robot navigation and perception.
The story in 5 lines · by baba
- Robotics startup Lyte valued at $1.6 billion after $165 million funding.
- Founded by former Apple engineers, focusing on robot "visual brain" technology.
- Aims to improve robot navigation and perception with integrated sensor data.
- Investors include Maverick Silicon Ventures, Avigdor Willenz, and Atrides.
- Company employs 120 people, primarily in Silicon Valley.
Lyte, a robotics startup founded by former Apple engineers, has secured $165 million in a funding round, bringing its valuation to $1.6 billion. The company, which is managed from Silicon Valley, aims to develop a chip that can consolidate all necessary data for a robot's operation, enabling enhanced navigation and improved vision, particularly for humanoid and industrial robots.
The funding round was led by Maverick Silicon Ventures, with participation from existing investors including Israel's QIA fund and Aura Global. Prominent new investors include Avigdor Willenz, a serial chip entrepreneur, and Atrides, a fund led by Gavin Baker, an investor in SpaceX. Fidelity also joined the round.
Lyte was co-founded by Israelis Alexander Shpunt and Yuval Garsson, along with other former Apple managers who worked on the Face ID technology. Shpunt and Garsson joined Apple through the acquisition of PrimeSense, an Israeli company, a decade ago. Lyte is headquartered in Sunnyvale, California, and currently employs 120 people, primarily in Silicon Valley.
The company's technology focuses on creating a "visual brain" for robots, integrating data from cameras, inertial motion sensors, and distance/speed sensors into a single platform. Shpunt explained to Bloomberg that Lyte is developing a solution for the "physical artificial intelligence" field, moving beyond imitation learning to simultaneous learning. Their goal is to create a simplified, integrated "brain" that can be quickly implemented in various humanoid and mobile robots.
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