Quanergy Systems, a US-based developer of light detection and ranging (lidar) technology, secured $90m yesterday in a series B round featuring corporates Sensata Technologies, Delphi Automotive and Samsung.
Sensor and control equipment maker Sensata, auto parts manufacturer Delphi and electronics manufacturer Samsung, which invested through its Samsung Ventures unit, were joined in the round by venture capital fund Motus Ventures and investment firm GP Capital.
Quanergy builds solid-state lidar sensors and software used to capture and process high-definition 3D mapping data in real time for object detection, tracking and classification.
The technology is utilised in the security, mapping and industrial automation sectors but will perhaps be most important in the field of autonomous vehicles. In January this year Quanergy unveiled what it claims is the only compact, low-cost, automotive-grade solid-state lidar sensor yet to be developed.
The company will use the funding to accelerate production of its lidar sensors, and intends to work together with its partners, which include Sensata and automotive manufacturers Hyundai, Renault-Nissan and Mercedes-Benz, to do so.
The round was closed at a valuation of “well over $1bn,” and Quanergy said it increased its overall funding to $150m since it was founded in 2012.
Quanergy’s last disclosed funding was a $30m series A round closed in late 2014 led by Rising Tide Fund, with participation from Motus Ventures, Wicklow Capital and Wardenclyffe Partners. Samsung Ventures had reportedly first invested as part of a $4.5m round closed in May 2014.
Louay Eldada, chief executive of Quanergy, said: “Innovation in lidar technology represents one of the largest opportunities unfolding around the globe, and this infusion of funding will enable us to accelerate development, scale faster and expand our world-class engineering team.
“We are grateful for the strong support from so many investors who share our vision of creating intelligent sensing solutions that permeate through multiple industries, significantly improving safety and efficiency. Our investors will be essential partners in our continued growth.”
The funding follows the $150m round closed by another lidar technology developer, Velodyne Lidar, last week.
– Image courtesy of Quanergy Systems, Inc.