Innovusion, which develops image-grade LiDAR (light detection and ranging) technology for use in autonomous vehicles, has raised US$66 million in series B-plus financing, in a round led by Guotai Junan International Private Equity Fund (GTJAI), with participation from Shunwei Capital.
Existing investors NIO Capital, F-Prime Capital, Eight Roads Ventures and Singapore state-owned investment company Temasek Holdings also participated in the round, the company said in a press release Friday.
The round followed a US$64 million series B round closed in April, which was funded by Temasek, BAI Capital (Bertelsmann Asia Investments) and Joy Capital, with participation from existing investors NIO Capital, Eight Roads Ventures and F-Prime Capital.
The series A round in 2018 raised US$30 million from Eight Roads Ventures, F-Prime Capital and NIO Capital, according to Crunchbase data.
Innovusion said it would use the funding to increase its production of automotive-grade LiDARs, expand its global footprint and broaden its research to promote adoption of LiDAR technology for autonomous vehicles, smart infrastructure and high-speed rail transit systems.
Yuen Chiu, head of private equity at investment bank Guotai Junan International, said LiDAR is an essential technology for the development and adoption of autonomous vehicles.
“As more LiDAR companies enter the market and the technology develops, we will start to see a loop forming: mass-production leading to exponential market development, better design and new vehicle sales,” Yuen said in the press release.
Innovusion CEO “Junwei Bao’s extensive LiDAR expertise has garnered the cooperation of many OEM industry giants, such as NIO, where Innovusion is providing LiDARs for their flagship autonomous sedan, the ET7,” Yuen said. “Guotai Junan International has extensive knowledge of the new energy vehicle industry, upstream and downstream supply chain, and we will utilise our resources, advantages and capital market knowledge in support of Innovusion. At the same time, we hope that our efforts can jointly bring China’s smart cars and autonomous driving technology to the global forefront.”
Innovusion cited data from Fortune Business Insights projecting the global LiDAR market would reach US$6.71 billion by 2026, up from US$1.32 billion in 2018.
Founded in 2016, Innovusion has development teams in Sunnyvale, California, and Suzhou, China.