Metawave Secures Additional $26M In Convertible and Debt Financing to Accelerate Delivery of Mobility Sensing Solutions
Creative Financing Round to Speed Delivery of Long-Range Imaging Perception Sensing Solutions for Multi-Billion Dollar Automotive, Defense, and Aerial Market
Carlsbad, Calif, June 14, 2022 – Metawave Corporation, a world leader in high-end sensing and perception solutions for terrestrial and aerospace mobility applications, today announced that it has secured $26M in convertible and debt financing. A prelude to a forthcoming Series B funding, this interim financing round will be used to deliver the Metawave MARCONI™ 77GHz and POLARIS™ 24GHz
product lines – the mobility industry’s first beamformer chip and antenna module solutions to address the increased demands for long-range Aerial sensing and Advanced Driver Assist Systems (ADAS) to detect vehicles, motorcycles, pedestrians, and other objects at longer range with high resolution and accuracy. To date, Metawave has raised over $60M in funding from financial and strategic investors.
Specifically, Metawave is enhancing imaging radar by simultaneously combining its steerable front-end solutions with advanced MIMO virtual array algorithms to meet increasing demand for long-range, all-weather sensing and perception including motorcycle detection beyond 300m during unprotective left turns, and rear-view radars for autonomous trucks. Today’s competing radars operate either at low-resolution, long-range or high-resolution, mid-range modes. Metawave’s long-range mode includes high-resolution imaging in both horizontal and vertical directions. To further speed market adoption of Metawave’s technology, the company’s chip and antenna modules are compatible with the long-range imaging Carson and Triton radar system platforms so that customers can test and implement complete perception sensing solutions quickly to meet aggressive car OEM timelines.
“Two centuries ago, Charles Darwin said ‘it is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.’ Startups with critical technologies like ours who can also get creative with how technology development is funded, will come out triumphant,” said Metawave CEO and founder, Maha Achour. “This innovative bridge financing allows us to accelerate the development of crucial radar safety features and get them in the hands of ground, defense, and aerial mobility system developers to meet their target long-range performance, size, and cost metrics. The market opportunity for Metawave’s products continues to be very attractive.”
“Metawave’s push to deliver its disruptive radar-based perception technology, buoyed by this new financing, comes at an ideal time for market adoption,” said Cédric Malaquin, Team Lead Analyst, RF Devices & Technology at Yole Intelligence part of Yole Group. “During 2020 and 2021, leading radar suppliers launched their 5th-generation radars. Modern automotive radar sensors inherit from a longstanding evolution cycle. Up to now, the upgrades mainly focused on cost and form factor optimization, which explains the trend towards integration that the industry has pursued. Imaging radar drives the next growth wave and will reach US$4.3 billion by 2027, equating to 30% of the total radar market (1).”
“As investors and industry observers, we continue to be very excited about the positive impact that Metawave’s disruptive solutions are making in the multi-billion-dollar mobility sensing market,” said Astro Perkins General Partner, Scott Amyx. “The transportation and aerospace sectors represent a huge opportunity for the company’s radar-based offerings that bring an unprecedented level of perception capabilities and safety to autonomous vehicles and systems.”
“Metawave is not another conventional startup,” said Black Dolphin General Partner, Greg Zilberstein. “Their stellar core team is delivering radar technology breakthroughs with unmatched range and point-cloud resolution in all weather conditions to fill the existing critical gap in today’s automotive and aerial sensor suite.”
Join Metawave at the following industry events:
· ADAS & Autonomous Vehicle Technology Conference, September 7-8, San Jose, California, where CEO Maha Achour is presenting “Driving sensing and perception beyond today’s capabilities”
· North American International Detroit Auto Show, September 14-15, 2022, Booth PT04.
About Metawave Corporation - Metawave is pioneering disruptive millimeter wave technologies that accelerate the transition to highly automated and fully autonomous ground and aerial vehicle operation meeting safety and emerging services goals. With its patented, high-resolution all-weather imaging SPEKTRA radar modules, and associated software stacks, Metawave is delivering the missing sensor with unmatched long-range sensing and perception based on novel machine learning and AI to automotive, tracking, trains, aerial and drone customers. Its SPEKTRA™ radar is the first automotive analog beamsteering radar with resolution capable of distinguishing objects close to each other, in difficult driving scenarios and in all-weather conditions, making cars safer and smarter. Metawave TURBO™ active repeaters and KLONE™ passive reflectors enable faster, more efficient, and lower cost 5G deployments, bringing connectivity to billions of users both indoors and out. Metawave's AWARE™AI object classification platform is the first demonstration of real-time radar object classification. Founded in 2017, Metawave is headquartered in Carlsbad, CA. Visit us at www.metawave.com, email us at email@example.com, and follow us on Twitter @metawavecorp, LinkedIn, and YouTube.
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