China-based light detection and radar (lidar) technology developer Hesai Technology received $70m in from consumer electronics provider Xiaomi yesterday to take its series D round to $370m.
Xiaomi had joined local services platform Meituan, hedge fund manager Hillhouse Capital’s GL Ventures unit and Citic’s CPE subsidiary to co-lead a $300m first tranche of the round in June this year.
The initial close also featured Lightspeed Venture Partners and its China-based vehicle Lightspeed China Partners, in addition to Qiming Venture Partners and Huatai Securities, and increased the company’s funding to at least $533m since it was founded in 2014.
Hesai is working on 3D sensor-equipped lidar chips designed for use in self-driving vehicles and autonomous robots. It will use the money to begin mass production of its technology, build manufacturing facilities and conduct further research and development for its lidar chips.
Industrial technology and equipment provider Robert Bosch and Lightspeed China Partners co-led a $173m series C round for Hesai in January 2020, participating alongside chipmaker ON Semiconductor, Qiming Venture Partners, Detong Capital and Axiom Asia Private Capital.
The company had raised $40m in a 2018 series B round co-led by internet company Baidu, Lightspeed China and ZhenFund and backed by Jiangmen Venture Capital and Grains Valley Venture Capital.
Lighthouse Capital Management and Pagoda Investment are among Hesai’s earlier shareholders, having supplied funding in rounds between 2014 and 2017.
