Quanergy Systems, a US-based sensor producer backed by corporates Sensata Technologies, Delphi Automotive and Samsung, raised an undisclosed amount on Tuesday in a series C round that valued it at more than $2bn.
The participants in the round were not named but Quanergy said it was led by a global top-tier fund. It had raised a total of $150m as of its last round, a $90m series B in August 2016 closed at a reported valuation of $1.59bn.
Founded in 2012, Quanergy produces low-cost light detection and ranging (lidar) sensors and software that enable robotics, mining and agricultural systems, drones and autonomous vehicles to sense 3D spatial data and detect objects around them.
Proceeds from the series C round will fund the strengthening and commercialisation of the company’s technology and the construction of large-scale manufacturing facilities.
Quanergy chief executive Louay Eldada said: “With our advanced technology, we have reduced the price of solid-state lidar to a few hundred dollars in volume.
“Our third-generation solid-state lidar is being developed to fully integrate the sensor on a single chip. For Quanergy, the most important focus at the moment is to speed up the production ramping and prove our strength with mass-produced products.”
The company’s series B round included Samsung Ventures, a subsidiary of consumer electronics provider Samsung, as well as sensor and control technology producer Sensata, auto components maker Delphi, Motus Ventures and GP Capital.
Samsung Ventures had already backed Quanergy’s $4.5m seed round in 2014, a year before the company received $30m in a series A round led by Rising Tide Fund and backed by Wicklow Capital, Motus Ventures and Wardenclyffe Partners.
Other investors in Quanergy reportedly include consulting firm Lahlouh, TEEC Angel Fund, San Feliu Partners, Newbury Ventures and Markis.
Image courtesy of Quanergy Systems, Inc.
