Innovusion, a San Francisco, CA-based developer of LiDAR technology for the autonomous vehicle markets, raised approx. US$30m in Series A funding.
The round was co-led by NIO Capital and Eight Roads Ventures in China, and F-Prime Capital in the U.S., in addition to seed round from Gaorong Capital and other strategic investors.
Founded in November 2016 by Junwei Bao, CEO, Innovusion is making its LiDAR system, the Innovusion Cheetah, available for ordering by customers worldwide. It is an image-grade LiDAR system that support level 4+* (fully autonomous under certain operating conditions) autonomous driving solutions.
It detects objects more than 200 meters away and generates a dense point cloud (300 lines) while maintaining a high frame rate.
The company, which is ramping production to meet worldwide demand starting in Q4 2018, intends to use the funds to expand its R&D team and manufacturing facilities.