Nio Supplier Innovusion Raises $66M In Series B Plus Financing

  • Innovusion, a designer and developer of image-grade LiDAR (Light Detection and Ranging) technology), has raised $66 million in Series B Plus financing. 
  • Innovusion provides LiDARs for Nio Inc's NIO flagship autonomous sedan, the ET7.
  • The funding was led by Guotai Junan International Private Equity Fund (GTJAI) with participation from Shunwei Capital.
  • Innovusion's existing investors, Nio Capital, F-Prime Capital, Eight Roads Ventures, and Temasek, also participated in the round.
  • Innovusion will use the capital to increase the production capabilities of its automotive-grade LiDARs, expand its global footprint, and expand its research and development efforts.
  • Price Action: NIO shares are trading lower by 1.39% at $41.88 in premarket on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!