The funding contains new investments from Singapore state investor Temasek and venture capital firm Joy Capital. Some existing investors additionally participated, including Nio Capital, Nio's funding arm. With the newest funding, Innovusion has raised more than $100 million. Lidar (light detection and ranging) sensors use laser light pulses to render precise pictures of the environment across the automotive. They're seen as essential by many automakers for higher ranges of driver help, proper up to creating vehicles capable of self-driving. Nio unveiled the ET7 earlier this yr. It is one among two models the EV maker plans to promote in Norway, where authorities tax breaks and subsidies have made the country a global chief in per capita EV sales. Innovusion Chief Government Junwei Bao mentioned its Lidar sensors would be provided as commonplace on the ET7, with the most recent funding serving to to scale up production and supply financing to some suppliers. Innovusion's sensors can spot some objects at a variety of up to 500 meters (1640 ft) and may register all but the darkest objects at a spread of 250 meters. Junwei Bao stated Innovusion's sensors were being evaluated for deployment by different carmakers. Different Lidar makers like Ouster Inc and Luminar Technologies Inc have gone public via mergers with particular purpose acquisition companies (SPACs). Bao mentioned Innovusion had thought of going public, however had not decided whether to do so. Reporting by Nick Carey.

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