(Yicai Global) Nov. 16 -- Chinese remote sensing technology developer Hesai Technology has secured an additional USD70 million in investment from smartphone giant Xiaomi.
The increase raises the total funding of Hesai's Series D round to USD370 million, the Shanghai-based company said in a statement on its WeChat account today.
Last June, Beijing-based Xiaomi was mentioned as one of the leading investors in Hesai's USD300 million Series D round financing. Others included Hillhouse Capital’s venture capital arm GL Ventures, lifestyle service giant Meituan, and state-backed Citic Private Equity Funds Management.
Hesai will use the proceeds of the fundraiser to mass-produce vehicle-mounted Light Detection and Ranging methods, build an intelligent manufacturing center, and develop LiDAR chips, it said earlier.
The startup aims to mass-produce its latest LiDAR technology next year after obtaining orders from automakers including Li Auto, Baidu-backed Jidu Auto, Geely-controlled Lotus Cars for the product unveiled in the second half of this year, it added.
Founded in 2014, Hesai is committed to developing laser sensors for autonomous driving. In total, it has bagged over USD500 million in financing. It counts German auto parts producer Bosch and Chinese internet giant Baidu as some of its investors.
Editor: Emmi Laine, Xiao Yi