Industrial technology and appliance manufacturer Robert Bosch co-led a $173m series C round for China-based light detection and radar (lidar) technology developer Hesai with venture capital firm Lightspeed China Partners yesterday.
Semiconductor and sensor manufacturer ON Semiconductor also took part in the round, as did VC firm Qiming Venture Partners, private equity firm Detong Capital and fund manager Axiom Asia Private Capital.
Hesai provides lidar equipment that will use light to map the surroundings of a vehicle operating with an autonomous driving system. It was founded in the US in 2013 before relocating to China the following year and oversees two manufacturing facilities in addition to research hubs in both countries.
The company claims the series C round represents the largest funding round to be closed by a lidar technology developer, exceeding the $170m series C round completed by Innoviz in June 2019.
Lightspeed China had already co-led Hesai’s $40m series B round with internet group Baidu and VC firm ZhenFund in May 2018, participating with existing investors Jiangmen Venture Capital and Grains Valley Venture Capital, increasing its overall funding to more than $60m.
Hesai had previously raised undisclosed sums in an angel round led by Lighthouse Capital Management and a series A led by Pagoda Investment. It took part in Bosch’s Chinese automotive-focused artificial intelligence accelerator in 2017 and received the Open Bosch Award for best startup collaboration in May 2019.
