(Yicai Global) June 8 -- Hesai Technology, a leading Chinese lidar maker, has raised more than USD300 million in its latest financing, led by Hillhouse Capital’s venture capital arm GL Ventures, internet giants Xiaomi and Meituan, as well as Citic Private Equity Funds Management.

Existing shareholders Lightspeed China Partners, Lightspeed Venture Partners, and Qiming Venture Partners also took part in the Series D fundraiser, which closed today, the Shanghai-based company said in a statement.

The new funds will go to support Hesei’s development, construction of a smart manufacturing center able to produce 1 million units, and the research and development of high-performance laser radar chips for vehicles, it said.

Founded in 2014, Hesai is a world leader in lidar for autonomous driving. Lidar technology uses light to measure distances. The company has clients in 23 countries and regions.

Hesai has filled the gap for high-performance products that can be mass-produced and customized, said James Mi, founding partner of Lightspeed China Partners.

In March, Hesei withdrew its application to list on the Star Market, Shanghai’s Nasdaq-like innovation board.

Editor: Futura Costaglione