May 11, 2021

Innovusion400x275Innovusion, which designs and develops image-grade lidar systems, has announced raising $64 million in Series B financing. The company said the funding will be used 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.

The funding round included investments by Temasek, BAI Capital, and Joy Capital, as well as existing investors NIO Capital, Eight Roads Ventures, and F-Prime Capital. The company’s products are used in autonomous vehicles, smart cities, and high-speed rail transit systems.

“As autonomous driving technology matures, more and more producers of electric vehicles will choose front-mounted lidars as key components in their perception solutions,” said Ian Zhu, managing partner of NIO Capital. “Innovusion’s lidar is recognized as an industry leader given its performance and feasibility for mass production. With ample opportunity for future growth, we are very confident that Innovusion will stay at the forefront of lidar technology, autonomous driving, and on the road.”

In January 2021, NIO announced ET7, its first vehicle with full-stack autonomous driving capabilities, still scheduled to be delivered in Q1 of 2022. The vehicle includes an image-grade, ultra-long-range lidar developed jointly by Innovusion and NIO, a key component of ET7’s NIO Autonomous Driving (NAD) system. The lidar includes a 120-degree horizontal viewing angle, ultra-high-resolution, and the industry’s longest detection range, capable of “seeing” up to 500 meters, Innovusion said. A unique “flexible gaze” function generates a more detailed 3D 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 added.

“I am optimistic about lidar’s role in the future of autonomous driving and automakers’ adoption of lidars for their autonomous vehicles during the assembly process,” said Junwei Bao, co-founder and CEO of Innovusion. “As a Silicon Valley company growing rapidly in both U.S. and China, I am very pleased to have so many well-known global investment institutions participate in our Series B financing round.”

More details on Innovusion and its offerings are available at its website.