Metawave Secures Additional $26M in Convertible and Debt Financing to Accelerate Delivery of Mobility Sensing Solutions

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Creative funding round to accelerate delivery of long-range imaging perception sensing solutions for the multi-billion dollar automotive, defense and aviation market

CARLSBAD, Calif., June 14, 2022–(BUSINESS WIRE)–Metawave Corporation, a global leader in high-end sensing and perception solutions for land mobility and aerospace applications, today announced that it has secured $26 million in convertible and debt financing . As a prelude to an upcoming Series B financing, this interim financing round will be used to deliver the Metawave MARCONI 77GHz and POLARIS24 GHz product lines – the mobility industry’s first chip module and beamforming antenna solutions to meet growing demands for long-range aerial sensing and advanced driver assistance systems ( ADAS) to detect vehicles, motorcycles, pedestrians and other longer range objects with high resolution and accuracy. To date, Metawave has raised over $60 million in funding from financial and strategic investors.

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Growth of the market for high-performance automotive radar platforms (SOURCE: Yole Développement)

Specifically, Metawave enhances imaging radar by simultaneously combining its front-end steerable solutions with advanced MIMO virtual array algorithms to meet the growing demand for long-range, all-weather detection and perception, including detection of motorcycle beyond 300m during unprotected left turns, and rear-see radars for self-driving trucks. Today’s competitive radars operate in low resolution, long range or high resolution, medium range modes. Metawave’s long range mode includes high resolution imagery in horizontal and vertical directions. To accelerate market adoption of Metawave’s technology, the company’s chip and antenna modules are compatible with Carson and Triton long-range imaging radar system platforms so customers can test and quickly implement comprehensive perception sensing solutions to meet aggressive automaker deadlines.

“Two centuries ago, Charles Darwin said ‘it is not the strongest of species that survives, nor the most intelligent, but the one that best adapts to change.’ Startups with critical technologies like ours, who can also be creative in how technology development is funded, will emerge triumphant,” said Maha Achour, CEO and Founder of Metawave. “This innovative bridge funding allows us to to accelerate the development of mission-critical radar security features and put them in the hands of land, defense and air mobility system developers to meet their long-range performance, size and cost goals. The market opportunity for Metawave’s products continues to be very attractive.”

“Metawave’s push to deliver its disruptive radar perception technology, backed by this new funding, comes at an ideal time for market adoption,” said Cédric Malaquin, Team Lead Analyst, RF Devices & Technology at Yole Intelligence, which is part of the Yole group. “In 2020 and 2021, major radar vendors launched their 5th generation radars. Modern automotive radar sensors inherit a long-standing evolution cycle. Up to now, upgrades have mainly focused on cost and form factor optimization, which explains the integration trend that the Imaging Radar is driving the next wave of growth and will reach $4.3 billion by 2027, i.e. 30% of the total radar market (1)”.

  1. Source: Radar for Automotive report, Yole Intelligence, 2022

GRAPHIC SOURCE: Yole Development

“As investors and industry watchers, we continue to be very excited about the positive impact Metawave’s disruptive solutions are having on the multi-billion dollar mobility sensing market,” said Scott. Amyx, general partner of Astro Perkins. “The transportation and aerospace sectors represent a huge opportunity for the company’s radar-based offerings that bring an unprecedented level of perception and safety capabilities to autonomous vehicles and systems.”

“Metawave is not another conventional startup,” said Greg Zilberstein, general partner of Black Dolphin. “Their starbase team provides breakthrough radar technology with unparalleled range and point cloud resolution in all weather conditions to fill the critical gap that exists in today’s automotive and aerial sensor suite.”

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About Metawave Corporation – Metawave is a pioneer of disruptive millimeter wave technologies that are accelerating the transition to highly automated and fully autonomous operation of land and air vehicles, meeting emerging security and service objectives. With its patented high-resolution imaging SPEKTRA radar modules and associated software stacks, Metawave provides the missing sensor with unparalleled long-range detection and perception based on new machine learning and artificial intelligence for automotive, tracking, trains, air and drone customers. Its SPEKTRA™ radar is the first automotive analog beam-steering radar with resolution capable of distinguishing objects close together, in challenging 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 cost-effective 5G deployments, bringing connectivity to billions of users indoors and outdoors. 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, California. Visit us at www.metawave.com, email us at [email protected] and follow us on Twitter @metawavecorpLinkedIn and YouTube.

Metawave, the Metawave logo, and all Metawave product names are trademarks or registered trademarks of Metawave in the United States and other countries. Company names, product names, system names, etc. described in this article are registered trademarks and trademarks of each company and organization.

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contacts

Metawave PR contact:
Lynda Kaye
[email protected]

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