Quanergy Systems, Inc., a provider of solid state LiDAR sensors and smart sensing solutions, announced Monday that it has raised $90 million in Series B funding at a valuation well over $1 billion.
Sensata Technologies, Delphi Automotive, Samsung Ventures, Motus Ventures and GP Capital participated in the round. This investment brings the company’s total funds raised to approximately $150 million.
According to Quanergy Systems, it 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.
These sensors use standard semiconductor manufacturing processes and have no moving parts on a macro scale or a micro scale, offering significantly lower cost, higher reliability, superior performance, increased capability, smaller size and lower weight when compared to traditional mechanical sensors, sometimes named hybrid solid state 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 Dr. Louay Eldada, Quanergy CEO.
Last week, Ford Motor Co. and Chinese search engine Baidu invested $150 million in Velodyne, a leading supplier of LiDAR sensor technology.