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.
