3D-sensor firm Hesai secured $173m funding from Bosch and Lightspeed China
Jan 08, 2020 (China Knowledge) - Hesai Technology, China’s 3D-sensors (LiDAR) provider has secured a total of USD 173 mln in its Series C round of financing jointly led by Bosch Group and existing investor Lightspeed China Partners. ON Semiconductor, Axiom Asia Private Capital, Detong Capital, and Qiming Venture Partners have also participated in the funding round. This Series C financing is the largest in China’s LiDAR industry so far.
Relocated to Shanghai in 2014 after their establishment in Silicon Valley in 2013, Hesai has been specializing in manufacturing and designing of laser sensor solutions for cars. Its micro-mirror and waveform fingerprint technologies include PandarGT, Pandar64, and Pandora. So far, the company owns 364 patents and has a team of 600 professionals globally.
The positive move from Hesai despite the ongoing economic slowdown in China has demonstrated the significance of LiDARs technology to the likes such as smart vehicles and robots.
China is currently the largest LiDAR market and has been continuing to innovate its self-reliant technologies and solutions. MarketsandMarkets Research estimates that the global LiDAR market is projected to surge to USD 2 bln and markets for the ADAS and driverless car applications to expand at a high growth rate.
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