Chinese LiDAR firm RoboSense secures US$45mn in funding
May 20, 2020
Chinese developer of LiDAR solutions for autonomous vehicles has secured US$45mn in new funding
LiDAR technology measures distances by flashing light at objects and using sensors to measure aspects of the light reflected back.
The firm has said that its focuses for LiDAR development are performance, safety, reliability, and low-cost production.
RoboSense holds over 50% of the LiDAR market in Asia, and this latest funding injection has been led by industry giants such as Alibaba’s Cainiao Smart Logistics Network, SAIC Motor Group, and electric vehicle firm BAIC Group.
The company plans to use this funding to further its domination of the LiDAR market as well as to continue research and development, manufacturing, and distribution of tech for autonomous vehicles.
- Hyundai and Tata to collaborate on development of self-driving technology
- Toyota and SoftBank team up to develop self-driving mobility services
- Renesas announces $6.7bn purchase of IDT to increase chips for self-driving cars
RoboSense is currently continuing to develop its “solid-state LiDAR, AI sensing algorithms, and other advanced technologies” according to its statement.
“The rapid development of autonomous driving has ignited a huge demand for LiDAR,” said RoboSense cofounder Mark Qiu.
“This round of funding is not only for capital assistance, but also for strategic resources. We are looking forward to continuously working with our partners to lead the large-scale commercialization era of the autonomous driving industry.”
RoboSense’s statement noted projections for the growth of the autonomous vehicle market, citing IHS Market’s predictions that global sales of self-driving vehicles will reach 21mn by 2035, up from 600,000 projected for 2025.