Innovusion, a Sunnyvale, CA – based worldwide leader in the design and development of image-grade LiDAR (Light Detection and Ranging) systems, raised $64m USD in Series B financing.
Backers included Temasek, BAI Capital, and Joy Capital and existing investors NIO Capital, Eight Roads Ventures, and F-Prime Capital.
The company, which has raised over $100m USD in total funding, intends to use the capital to increase the production capabilities of its automotive-grade LiDARs, support supply-chain partners for mass production capabilities, and further expand its research and development efforts around advanced LiDAR Technologies.
Founded in 2016 and led by Junwei Bao, Co-founder and CEO, Innovusion makes image-quality, long-range LiDAR (Light Detection and Ranging) sensor systems for autonomous driving markets. Its products are used across autonomous vehicles, smart cities, high-speed rail transit systems.
In January 2021, NIO announced ET7, its first vehicle with full-stack autonomous driving capabilities, scheduled to be delivered in the first quarter of 2022. The vehicle is equipped with an image-grade ultra-long-range LiDAR developed jointly by Innovusion and NIO, a key component of ET7’s NIO Autonomous Driving (NAD) system. A model application in the field of autonomous driving, the LiDAR has a 120-degree horizontal viewing angle, ultra-high resolution, and the industry’s longest detection range, capable of “seeing” up to 500 meters. Innovusion’s unique “flexible gaze” function generates a more detailed three-dimensional point-of-view to better track vehicles and pedestrians while simultaneously maintaining high-resolution across the entire field of view, even in low-light conditions.
The company has core development teams in Sunnyvale, California and Suzhou, China.