US-headquartered autonomous driving technology developer Innovusion has raised $60m from investors including Bertelsmann Asia Investments, a corporate venturing vehicle for media group Bertelsmann, Asian Venture Capital Journal reported yesterday.
Singaporean state-owned investment firm Temasek and venture capital firm Joy Capital filled out the round, which reportedly valued the company at $300m.
Innovusion produces light detection and ranging (lidar) systems for use in autonomous driving and advanced driver-assistance systems that can potentially detect objects more than 250 meters away.
Electronic component producer Joyson Electronics invested a seven-figure dollar amount in the company in January 2020.
Nio Capital, the investment vehicle backed by electric carmaker and Innovusion customer Nio, had co-led its $30m series A round in 2018 with investment and financial services group Fidelity’s Eight Roads Ventures and F-Prime Capital subsidiaries.