Quanergy Systems, Inc., a Sunnyvale, Calif.-based leader in the development and manufacture of LiDAR sensors and smart sensing solutions, secured Series C funding at a valuation exceeding $2 billion.
An undisclosed global top-tier fund was the lead investor.
The company intends to use the funds to enhance its capital reserve, to accelerate innovation and commercialization of its hardware, software and smart sensing solutions, and construction of ultra-large-scale production facilities.
The Series C round keeps the company’s IPO process on track.
Founded in 2012 by Dr. Louay Eldada, CEO, Quanergy is a provider of LiDAR sensors and perception software for real-time capture and processing of 3D spatial data and object detection, identification, classification, and tracking. Its solutions are applicable in numerous sectors including transportation, security, industrial automation, 3D mapping, mining, agriculture, drones, robotics, smart spaces and 3D-aware smart devices for improved safety, efficiency and quality of life.
Since the end of 2017, Quanergy has had an annual production capacity of one million solid-state sensors at its fully automated production line in Silicon Valley.