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NIO lidar supplier Innovusion raises $64 million

On May 11, Innovusion, a NIO lidar supplier, raised US$64 million. This Series B financing includes new investments from Temasek and Joy Capital, and old shareholder NIO Capital also participated.

In November 2016, Innovusion CEO Bao Junwei and his partners co-founded Innovusion, which focuses on lidar. In 2018, Innovusion received $30 million in Series A financing, LED by NIO Capital, Eight Roads Capital under Fidelity International, and F-Prime Capital in the United States.

However, due to functional needs and safety design considerations, domestic new and old car companies generally choose lidar in high-level autonomous driving solutions. Not only will Weilai use lidar in the new generation of autonomous driving systems, but the P5 sedan launched by Xiaopeng Motors this year will also be equipped with two lidars from Livox Technology, a subsidiary of DJI. Expressed his approval of the laser mine route.

Bao Junwei is also optimistic about LiDAR’s judgment on the pre-installation market of autonomous driving. “According to the Yole report, by 2025, the market size of LiDAR in the field of autonomous driving will reach 1.7 billion US dollars.” He said, ” In addition, with the encouragement of relevant national policies, lidar will also have huge growth space in the roadside equipment market of intelligent networked vehicles.”

Source: Network

Innovusion said that this round of financing will help the mass production of lidar to supply the Weilai ET7 sedan. At NIO Day 2020 held in January this year, NIO released its first smart electric car, the ET7. The car is scheduled to be delivered in the first quarter of 2022. It is equipped with an image-level ultra-long-range lidar jointly developed by Innovusion and NIO. It has a 120-degree ultra-wide viewing angle and ultra-high resolution, and can detect a maximum distance of 500 meters. , and can record all but the darkest objects at a range of 250 meters.

For other supporting plans in the future, Innovusion CEO Bao Junwei said that Innovusion’s lidar is also being evaluated for deployment by other automakers.

In response to the current trend of other lidar manufacturers such as Ouster and Luminar going public through the merger of SPACs, Bao Junwei said that Innovusion has considered going public, but has not yet decided.

One of Tudatong’s customers is NIO, a leading new car company. At NIO Day 2020 held in January this year, NIO released its first smart electric car, the ET7. The car is scheduled to be delivered in the first quarter of 2022. It is equipped with an image-level ultra-long-range lidar jointly developed by Tudatong and NIO. It has a 120-degree ultra-wide viewing angle and ultra-high resolution, and can detect up to 500 meters. It is worth mentioning that the original “fixed gaze” function of Tudatong lidar can generate high-density point clouds locally in the field of view to obtain more accurate three-dimensional information, so as to better track vehicles and pedestrians. Tudatong said that it is ready for the continuous evolution of NIO’s NAD full-stack autonomous driving technology. In addition to the front-loading mass production business, Tudatong is also deploying in the field of smart transportation. For example, in Xiongan New Area, a demonstration smart city, Tudatong has entered the Zhihui Future Science and Technology Park in Xiongan New District as the first batch of high-tech enterprises. At the same time, Tudatong is also an important partner of Baidu’s Apollo ecosystem. Its image-level long-range lidar has been successfully deployed in Baidu’s Apollo intelligent transportation city project, including Beijing, Changsha, Cangzhou and other places.

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