Quanergy Systems, a Silicon Valley startup that develops light detection and ranging sensors utilized in self-driving vehicles, has raised $90 million from investors, illustrating their growing interest in autonomous automobile technology.
The financing round, led by Sensata Technologies, also consisted investments from automobile parts manufacturer Delphi Automotive, Samsung Ventures, Motus Ventures, and GP Capital. Quanergy’s post-funding assessment is $1.59 billion, CEO Louay Eldada informed.
This financial investment brings the business’s overall funds raised to around $150 million.
Self-driving cars utilize a combination of sensing units, cameras, and GPS to spot exactly what’s around them and safely navigate city streets and highways. Numerous companies establishing self-driving automobiles also count on light-sensitive radar, called LiDAR.
LiDAR produces short pulses of laser light so that software in the self-driving automobile can create a real-time, high-definition 3D picture of exactly what’s around it. These sensors flash millions of laser pulses a second to spot close-by things and identify the finest driving path.
LiDAR can be especially helpful on roads with faded on non-existent lane markings. Google and Ford both use LiDAR on their self-driving test cars. However LiDAR sensing units are also incredibly costly. For instance, a few of the very first LiDAR systems developed by Velodyne prices at $80,000. That price has been decreased to about $8,000 today for Velodyne’s most current prototype, which is used in the screening of self-driving cars.
The high price tag has actually developed an evident chance for companies that find out how to make a cheap, reliable LiDAR sensing unit. And financiers are taking notice.
Recently, Ford and Chinese online search engine Baidu invested $150 million in Velodyne, a prominent provider of LiDAR sensor innovation. The cash will be utilized to assist Velodyne lower the expense of its LiDAR to a target cost in the mid- to lower-$100s by 2018.
