LiDAR technology developers Quanergy and Innovusion have respectively received funding for their technology development and products production.
Quanergy has announced that it has secured Series C funding at a valuation exceeding US$2 billion. According to Quanergy, raising the Series C financing takes the company well beyond its planning horizons to cash-flow and operating breakeven, and keeps the company’s IPO process on track.
(Image: Quanergy)
Thanks to the strong demands for its LiDAR solutions, Quanergy said the booking has exceeded its forecast, leading to rapidly growing revenue. Substantial orders for the company’s S3 solid-state sensor were fulfilled this year. Rapid innovation continues to increase the field of view (FoV) and range for the S3 in outdoor environments.
“With our advanced technology, we have reduced the price of solid-state LiDAR to a few hundred dollars in volume. Our third-generation solid-state LiDAR is being developed to fully integrate the sensor on a single chip. For Quanergy, the most important focus at the moment is to speed up the production ramping and prove our strength with mass-produced products,” said Dr. Louay Eldada, CEO of Quanergy.
Meanwhile, Innovusion has also announced that it has raised US$ 30 million in Series A funding and has started to ship its LiDAR System for self-driving cars. Innovusion was founded in November 2016. Comprised of experts in various disciplines essential for LiDAR technology, Innovusion continues to thrive in the U.S. and China, the two leading markets for autonomous vehicles.
Its LiDAR system, the Innovusion Cheetah, is the world’s first image-grade LiDAR system, according to the company. The system is able to detect objects more than 200 meters away and generates an exceptionally dense point cloud (300 lines), more than double of that of other providers in the space, while maintaining a high frame rate and achieving low-cost in high-volume production.
“LiDAR technology is critical to accelerating the adoption and deployment of autonomous vehicles, and we look forward to working with providers and manufacturers to ensure their solutions are supported with the best-in-class technology for superior range and resolution,” says Junwei Bao, co-founder and CEO of Innovusion. “This round of funding will allow us to expand our R&D team and manufacturing facilities to more quickly develop, market and deliver Innovusion Cheetah LiDAR to customers around the world, helping drive innovative perception solutions in autonomous vehicles.”
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