LiDAR maker Hesai Photonics secures USD 300 million in Series D funding

By Nikita Chaurasia  | Date: 2021-06-09

LiDAR maker Hesai Photonics secures USD 300 million in Series D funding

Hesai Photonics Technology Co. Ltd., a leading Shanghai-based LiDAR company, has reportedly secured USD 300 million in a Series D funding round which was led by GL Ventures LLC, Xiaomi Corporation, Hillhouse Capital Group, Meituan, and CPE.

The round also saw participation from Huatai Securities Co. Ltd., ON Semiconductor Corporation, Lightspeed Venture Partners, Baidu Inc., Lightspeed China Partners, Robert Bosch GmbH, and Quiming Venture Partners.

According to reliable sources, the fresh funds will be utilized to develop a smart manufacturing center and mass-producing hybrid solid-state LiDAR chips for Hesai’s OEM customer base.

Moreover, the company also aims to expand its product portfolio by investing funds in the research & development of automotive-grade LiDAR chips.

LiDAR technology has been receiving significant recognition as various robotaxi startups as well as automakers have started including it in their autonomous vehicles. It is worth mentioning, however, that LiDAR technology is not limited to just robotaxis and electric vehicles, which is why Hesai has managed to gain attention from Xiaomi and Meituan.

If reports are to be believed, the Beijing-based food delivery provider Meituan is likely to profit from this investment by replacing human riders with LiDAR-enabled unmanned drones and vans.

Meanwhile, Xiaomi Corporation already produces hundreds of different connected devices and will highly benefit from using Hesai’s LiDAR technology, cited sources. The phone manufacturing giant also intends to make electric cars this year.

With around 500 employees, Hesai claims to have served clients across 23 countries. Its clients include Navya, Lyft, Bosch, Nuro, as well as other Chinese robotaxi operators including AutoX, WeRide, and Baidu.

The Shanghai-based LiDAR startup has also entered a joint venture agreement with a data labeling company called Scale AI to introduce an open-source data set for developing autonomous driving algorithms, sources claimed.

Source: https://techcrunch.com/2021/06/07/china-lidar-hesai-300-million-funding/

 

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Pacific Island pushes Japan to delay wastewater release from Fukushima

Pacific Island pushes Japan to delay wastewater release from Fukushima

By Nikita Chaurasia

Pacific Island nations have reportedly pushed Japan to postpone the release of Fukushima nuclear power plant wastewater due to concerns that it may pollute fishing grounds. An appeal was made on Wednesday when Japan announced that treated sewage f...

Activist groups take Danone to court over excessive use of plastics

Activist groups take Danone to court over excessive use of plastics

By Nikita Chaurasia

Danone, the French bottled water and yogurt firm, is reportedly being sued in court by three environmental activists’ groups for failing to cut its plastic footprint significantly. According to the groups, the maker of Evian and Volvic miner...

Bosch expands security with dashcams designed for rideshare drivers

Bosch expands security with dashcams designed for rideshare drivers

By Nikita Chaurasia

Bosch, the German technology company, has reportedly expanded its security footprint in the ridesharing market with the launch of its latest security dashcams. At CES 2023, Las Vegas, the German tech firm unveiled a new integrated smart camera on ...

Australia: PM Albanese denies potential $450M payout to Rio Tinto

Australia: PM Albanese denies potential $450M payout to Rio Tinto

By Nikita Chaurasia

Australia's Prime Minister Anthony Albanese has reportedly denied rumors that Rio Tinto and its partners could receive a $450 million settlement for the Gladstone power station, which would bring the total compensation for the coal price limit to...

UK: Firms still struggle with post-Brexit trading and red tape

UK: Firms still struggle with post-Brexit trading and red tape

By Nikita Chaurasia

Businesses in the UK are still reportedly grappling after two years following the beginning of post-Brexit trading, as suggested by a new report. According to the British Chambers of Commerce (BCC), firms are still battling increased red tape and ...