Company have announced on Monday about fund raising of 64$ million to increase its production for their supply of Chinese electric vehicle (EV) maker Nio Inc’s ET7 sedan, which is available to start deliveries in early 2022.
In this fund raising lead new entrants includes Singapore state investor Temasek and venture capital firm Joy Capital along with some of existing investors Nio Capital, Nio’s investment arm.
According to data revealed company, Innovusion has raised more than $100 million which will be used to ramp up the production for EV Model.
Innovusion is image-grade LiDAR sensor systems for level 4 and 5 autonomous vehicles and ADAS markets where Lidar is one of the important feature in Electric Cars which is being used by almost every automaker for their higher level of driver assistance. With the help of Lidar they check about laser light pulses to render precise images of the environment around the car.
Nio unveiled the ET7 in 2021, which is one the model of EV Maker is planning to sell in Norway. According to Innovusion Chief Executive Junwei Bao said its Lidar sensors would be offered as standard on the ET7, with the latest funding helping to scale up production and provide financing to some suppliers.
“The supply chain needs a boost because Lidar is a new animal, so we’ll use some of the funding to support them,” he said.
Innovusion’s sensors can spot some objects at a range of up to 500 meters (1640 ft) and can register all but the darkest objects at a range of 250 meters.
(Reporting by Nick Carey)