Nio Lidar Supplier Innovusion Raises 64 Mln In Funding

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The funding includes new investments from Singapore state investor Temasek and venture capital agency Joy Capital. Some existing buyers additionally participated, including Nio Capital, Nio's investment arm. With the most recent funding, Innovusion has raised more than $a hundred million. Lidar (light detection and ranging) sensors use laser mild pulses to render exact pictures of the atmosphere across the car. They are seen as essential by many automakers for greater levels of driver help, right up to making vehicles capable of self-driving. Nio unveiled the ET7 earlier this year. It is one in every of two models the EV maker plans to sell in Norway, the place authorities tax breaks and subsidies have made the country a global chief in per capita EV gross sales. Innovusion Chief Executive Junwei Bao stated its Lidar sensors would be provided as standard on the ET7, with the latest funding helping to scale up production and provide financing to some suppliers. Innovusion's sensors can spot some objects at a variety of up to 500 meters (1640 ft) and can register all however the darkest objects at a range of 250 meters. Junwei Bao said Innovusion's sensors were being evaluated for deployment by different carmakers. Other Lidar makers like Ouster Inc and Luminar Technologies Inc have gone public via mergers with particular goal acquisition companies (SPACs). Bao mentioned Innovusion had thought-about going public, however had not decided whether or not to take action. Reporting by Nick Carey.