Microsoft co-founders Bill Gates and Paul Allen are among the investors putting another $29 million into Echodyne, the Intellectual Ventures spin-out that’s developing low-cost, miniaturized radar systems for drones and self-driving cars.
Echodyne founder and CEO Eben Frankenberg said the Series B funding round was led by New Enterprise Associates, or NEA, a Silicon Valley venture capital firm.
Gates, Seattle’s Madrona Venture Group, the Kresge Foundation and Allen’s Vulcan Capital are among the investors following up on their participation in 2014’s $15 million Series A round, Frankenberg told GeekWire. He declined to say how the new investment affects the valuation of the company, based in Bellevue, Wash.
“The new investment will be used to continue developing the technology,” Frankenberg said.