Innovusion, a global leader in the design and development of image-grade LiDAR (Light Detection and Ranging) technology, has successfully raised $66 million USD in Series B Plus financing.
The round was 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 Temasek also participated in the round.
Having been recognized for efficient, safe, and cost-effective LiDAR solutions, Innovusion will use the new infusion of capital to increase the production capabilities of its automotive-grade LiDARs, expand their global footprint, and further broaden its research and development efforts to promote the widespread adoption of LiDAR technology across autonomous vehicles, smart infrastructure, and high-speed rail transit systems.
“LiDAR is an essential technology enabling the development and global adoption of new 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.” Said Yuen Chiu, head of Private Equity at Guotai Junan International. “Mr. 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. 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.”
Research conducted by Fortune Business Insights anticipates the global LiDAR market to reach $6.71 billion USD by 2026. The report shows the global market was worth $1.32 billion USD in 2018.
“At present, automakers like NIO (NYSE:NIO), Xpeng, and Volvo are embracing LiDARs for their autonomous vehicles. The continuous development of high-level technology and reduction of costs will ramp up “on-the-car” penetration rate within the autonomous vehicle industry and enhance the driving experience.” Said Tuck Lye Koh, Founding Partner and CEO of Shunwei Capital. “The Shunwei team has long been concerned about the automotive industry supply chain opportunities. We recognize that Innovusion will help the industry develop and create long-term value with excellent technology and stable product performance. ”
“With the recognition of the industry, the continued support from our existing investors, the trust from our new investors, the passion and strong technical strengths of our team, we are very confident that we can successfully build the world’s leading high-performance LiDAR supply chain system, contributing to the future growth of autonomous vehicles.” Said Junwei Bao, CEO of Innovusion. “At the same time, we will continue to heavily invest in R&D to provide products and solutions suitable for different scenarios for future mobility. It is a great honor to have such great partners around the world who believe in us and share our vision. After several months of accelerated product progression, the B Plus round of financing will further turbocharge our growth plan.”
Since 2018, Innovusion has released four products with unique use cases. Its’recent $64 millions Series B raise alongside Series B Plus financing will catapult product development and the growth of autonomous transportation.
