Communications, media and automotive conglomerate Cox Enterprises has led a $27m series A round for US-based lidar sensor technology developer Ouster featuring Constellation Technology Ventures, a subsidiary of energy company Exelon.
Private equity firm Tao Capital Partners and venture capital firms Fontinalis Partners, Carthona Capital and Amity Ventures also invested in the round.
Ouster is developing light detection and ranging (lidar) technology for use in the autonomous vehicle and robotics sectors. Its lead product, OS1, is a 64-channel lidar sensor it claims is lighter, smaller and more energy efficient than other sensors currently on the market.
The company, which emerged from stealth alongside the funding announcement, said OS1 will cost approximately 85% less than its competition. It is currently on sale for $12,000.
The series A funding will be put toward enhancing Ouster’s manufacturing capabilities and the development of new sensor technologies.
Ouster chief executive Angus Pacala said: “The company has maintained a low-profile for over two years – staying heads-down and focusing on getting the OS1 ready to ship.
“I am incredibly proud of our team for their hard work to produce the most advanced, practical and scalable lidar sensor on the market and we are very excited about the impact our product will have in autonomous vehicles and other applications in robotics.”