Innovusion, a two-year-old startup developing LiDAR sensor technology for autonomous vehicles, has raised $30 million in a Series A funding round co-led by Chinese firms Nio Capital and Eight Roads Ventures along with United States -based F-Prime Capital.Other seed round and strategic investors joined the round, the startup said.Nio Capital is the venture arm of Nio,the Chinese electric automaker aiming to compete withTesla.
Nio, whichraised $1 billionwhen it debuted on theNew York Stock Exchange in September,has operations in the United States , U.K.
and Germany, although it only sells its ES8 vehicle in China.Innovusion, which was founded in November 2016, says it will use the funding to scale up its operations, specifically to ramp up production of its light detection and ranging sensor system called Innovusion Cheetah.
The company began shipping samples of the system in the second quarter of 2018 and is beginning to take customer orders.The round of funding will allow the Los Altos, California-based company to expand its RD team and manufacturing facilities to more quickly develop, market and deliver Innovusion Cheetah LiDAR to customers around the world, according toJunwei Bao, the companys co-founder and CEO.
The company primarily is targeting customers in China and the United States LiDAR is used by companies developing autonomous vehicles to detect and measure objects on the road around them.
Most of the companies testing AVs believe LiDAR is an essential sensor required to deploy self-driving vehicles safely on public roads.
Its what has propelled demand for LiDAR and, in turn, an array of startups to pop up and try to capture market share away from Velodyne, the long-time dominant leader in the space.