Quanergy Systems, Inc., a Sunnyvale, CA-based technology company developing smart sensing solutions for real-time 3D mapping and object detection, tracking, and classification, raised investment funds of undisclosed amount.
Backers included Transportation Technology Ventures LLC, Wardenclyffe Partners LLC (a new seed fund formed by the founders of Tesla), Newbury Ventures, and Markis.
The company intends to use the funds for the development and commercialization of its Mark VIII LiDAR product.
Founded in November 2012 by Louay Eldada, CEO, Quanergy is developing LiDAR sensors and software for capturing and processing real-time 3D mapping data.
In transportation, the data will be utilized to improve the accuracy and reliability of on-board driver safety systems and enhance them with object recognition and scenario analysis capability, and also to enable autonomous driving in the future.
The company has established early partnerships with global automotive companies and digital map makers, and will be expanding its market footprint following introduction of the Mark VIII.