- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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