Lidar sensor maker Innovusion raises $64M in latest funding

In a statement lidar sensor maker Innovusion said, it had raised $64 million to ramp up production and supply Chinese electric vehicle (EV) maker Nio Inc’s ET7 sedan, which is scheduled to start deliveries in early 2022.

The funding includes new investments from Singapore state investor Temasek and venture capital firm Joy Capital.

Existing investors also participated in the funding round, including Nio Capital, Nio’s investment arm. Innovusion has raised more than $100 million in this funding round.

Lidar (light detection and ranging) sensors use laser light pulses to render precise images of the environment around the car and are seen as being essential by automakers for higher levels of driver assistance, including autonomous self driving capability.

Nio unveiled the ET7 earlier this year. It plans on selling one of its two models in Norway where the government has provided tax breaks and subsidies in an effort to make the country a global leader in per capita EV sales.

Innovusion’s CEO Junwei Bao said its Lidar sensors would be offered as standard on the ET7, with the latest funding helping to scale up production and provide financing to some suppliers.

“The supply chain needs a boost because Lidar is a new animal, so we’ll use some of the funding to support them,” said Bao.

Innovusion’s sensors can spot some objects at a range of up to 500 meters (1640 ft) and can register all but the darkest objects at a range of 250 meters.

Junwei Bao said Innovusion’s sensors were being evaluated for deployment by other carmakers.


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