Innovusion, a developer of LiDAR technology for autonomous vehicle markets, secured $30 million in a Series A funding round co-led by NIO Capital and Eight Roads Ventures in China, and F-Prime Capital in the US, in addition to a seed round from Gaorong Capital and other strategic investors.
The company’s LiDAR system, the Innovusion Cheetah, is the world’s first image-grade LiDAR system to support level 4+* (fully autonomous under certain operating conditions) autonomous driving solutions. The system is designed to detect objects 200 meters away and generate a 300 line-dense point cloud while maintaining a high frame rate and achieving low cost, high-volume production.
Innovusion plans to use the funds to ramp Innovusion Cheetah production to meet worldwide orders.