Lidar startup becomes ‘unicorn’

Lidar startup becomes ‘unicorn’

Business news |
By Peter Clarke

Investors included Sensata Technologies, Delphi Automotive (NYSE:DLPH), Samsung Ventures, Motus Ventures and GP Capital. The round brings the total invested in Quanergy to approximately $150 million.

Quanergy said intends to use the money to work with partners in ramping up the production of its solid-state lidar sensors.

These sensors use standard semiconductor manufacturing processes and have no moving parts and are thereby expected to provide lower cost, higher reliability, superior performance, increased capability, smaller size and lower weight when compared to traditional mechanical sensors,

 “Innovation in lidar technology represents one of the largest opportunities unfolding around the globe, and this infusion of funding will enable us to accelerate development, scale faster and expand our world-class engineering team,” said Louay Eldada, CEO of Quanergy, in a statement.

The S3 solid state lidar system was demonstrated at the Consumer Electronics Show in January 2016 and Quanergy has pre-production contracts with multiple customers.

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