Innovusion, a US-headquartered developer of autonomous driving technology, received $64m today in a series B round that included media group Bertelsmann and electric vehicle manufacturer Nio.
Singaporean state-owned investment firm Temasek and venture capital firm Joy Capital took part in the round, as did Eight Roads Ventures and F-Prime Capital, both subsidiaries of financial services and investment group Fidelity.
Bertelsmann and Nio were represented by corporate venturing vehicles Bertelsmann Asia Investments (BAI) and Nio Capital respectively. Innovusion was reported to have raised $60m from BAI, Temasek and Joy Capital at a $300m valuation in March 2021, a deal that likely relates to the series B round.
Founded in 2016, Innovusion has developed light detection and ranging (lidar) technology designed for use in autonomous vehicles and advanced driver-assistance systems.
The company has jointly developed an image-grade, ultra-long-range lidar system with Nio will be used in the latter’s ET7, an electric sedan model with autonomous driving capabilities set for release in 2022
Innovusion’s co-founder and chief executive, Junwei Bao, said: “I am optimistic about lidar’s role in the future of autonomous driving and automaker’s adoption of lidars for their autonomous vehicles during the assembly process.
“As a Silicon Valley company growing rapidly in both US and China, I am very pleased to have so many well-known global investment institutions participate in our series B financing round.”
Proceeds from the round will enable Innovusion to build out its production capabilities as well as supporting its supply-chain partners and funding research and development activities. It increased the company’s total funding to over $100m.
Innovusion had previously raised a seven-figure dollar amount from electronic component producer Joyson Electronics in January 2020, after Nio Capital, Eight Roads Ventures and F-Prime Capital co-led its $30m series A round in 2018.