Lidar start-up Innovusion raises USD30 million in Series A funding round

Innovusion will use the raised fund to expand its R&D team and ramp up production capacity

Innovusion has raised USD30 million in Series A funding round, co-led by NIO Capital and Eight Road Ventures in China and F-Prime Capital in the United States, the lidar start-up said in a press release on 25 October. Innovusion’s latest financing round was also participated by existing investors including Gaorong Capital, who invested in the company’s seed funding round. The company will use the proceeds from the latest funding round to expand its research and development (R&D) team and ramp up production capacity to meet expected surge in demand for its Cheetah lidar, which is now available for order by customers worldwide.