Chinese language electrical automobile maker Nio Inc. (NYSE: NIO) was among the many backers in lidar firm Innovusion’s newest $64 million funding spherical, Reuters reported Monday.
What Occurred: Innovusion’s newest funding spherical was led by Singapore state investor Temasek and likewise noticed participation from enterprise capital agency Pleasure Capital. Nio Capital, Nio’s funding arm, was among the many present buyers that participated within the funding spherical, as per the report.
California-based Innovusion mentioned it might use the funding to ramp up manufacturing to produce Lidar sensors to Nio’s ET7 sedan, which is scheduled to start out deliveries in early 2022.
Innovusion’s sensors can spot some objects at a variety of as much as 500 meters and might register all however the darkest objects at a variety of 250 meters, in response to Reuters.
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