China-based spacial detection technology developer RoboSense raised more than $45m yesterday from investors including carmakers SAIC and BAIC as well as Cainiao, the logistics subsidiary of e-commerce group Alibaba.
Founded in 2014, RoboSense is developing light detection and ranging (lidar) technology that will help driverless vehicles sense the physical world around them, enabling them to avoid obstacles.
The company released a 16-beam lidar system in April 2017 and a 32-beam device five months later. Its latest product is an autonomous logistics vehicle developed in partnership with Cainiao that utilises RoboSense technology, and which was launched in May this year.
The capital will go to product development, R&D, the expansion of RoboSense’s manufacturing capabilities and the increase of the company’s market share, it said. All three of the corporate investors plan to collaborate with RoboSense following the round.
The company has not revealed details of earlier funding but said its previous investors included conglomerate Fosun Group and its Kinzon Capital unit as well as brokerage firm Haitong Securities, Oriental Fortune Capital and Guangdong Investment.
Mark Qiu, co-founder and chief operating officer of RoboSense, said: “RoboSense is embracing this market demand through partnerships with multiple industry leaders. It is our great pleasure to be endorsed and funded by industry giants from many different fields.
“This round of funding is not only for capital assistance, but also for strategic resources. We are looking forward to continuously working with our partners to lead the large-scale commercialisation era of the autonomous driving industry.”
Image courtesy of Suteng Innovation Technology Co., Ltd.
