Quanergy Systems has raised $90 million in a series B round, led by Sensata Technologies. Other investors include Delphi Automotive, Samsung Ventures, Motus Ventures, and GP Capital.
The Silicon Valley startup founded by Lebanese entrepreneur Loay Eldada, who also serves as its CEO, develops smart sensors for real-time 3D mapping and object detection, tracking, and classification.
The company’s valuation is currently considered to have reached $1.59 billion.
This investment brings its total funds raised to about $150 million, as it raised $4.5 million in seed funding, followed by $30 million in series A funding in 2014, from investors such as Tesla founders, Samsung, Transportation Technology Ventures, and Newbury Ventures (Techwadi Rising Tide Fund).
Since launching in 2012, Quanergy has been developing a low-cost, automotive grade solid state Lidar sensor.
The Lidar market is expected to exceed $1 billion by 2020 and $3 billion by 2022, according to Eldada. “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 Eldada in a statement.
Quanergy intends to use the investment and leverage its substantial intellectual property to work with its partners in ramping up the production of its solid state Lidar sensors.
“We are grateful for the strong support from so many investors who share our vision of creating intelligent sensing solutions that permeate through multiple industries, significantly improving safety and efficiency. Our investors will be essential partners in our continued growth,” adds Eldada.
The company’s Lidar sensors, as well as sensing systems that benefit from its advanced artificial intelligence perception software, are key to improved safety and efficiency in industries ranging from transportation and security to industrial automation and 3D terrestrial and aerial mapping.