US: Solid-state LiDAR and data processing solutions provider, Quanergy, announced that it has received $90 million in Series B funding. This brings their funding total to $150 million at a valuation over $1 billion. Investors in the round include Samsung Ventures, Sensata Technologies, Delphi Automotive, and GP Capital.
The company says they will use the new funding to work with partners and “ramp up” production of its solid-state LiDAR sensors. The technology, which be manufactured on a silicon microchip, can be scaled to commercial volumes at a cost low enough for the automotive industry.
“Quanergy will continue the global expansion of the company and scale its operations and infrastructure to meet the growing demand for autonomy in vehicles and other systems that can benefit from increased levels of automation to save lives, save time, save energy, and save costs,” the company explained in a prepared statement.
Quanergy is one among a number of companies planning to meet the growing demand from the autonomous vehicle industry. The news of Quanergy’s investment follows closely on Velodyne’s announcement of a $150 million investment from Ford and Baidu to commercialize and scale its own automotive LiDAR sensors.
Last week, Princeton Lightwave also announced the founding of its Automotive LiDAR Business Unit to scale its own technology for the commercial automotive industry.