Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Venerated Literary Translator Xu Yuanchong Dies at Age 100
Apple Touch-Screen Supplier Biel Crystal Plans Second Bite at Hong Kong Listing
Stop Annoying China With Spam Texts, E-Commerce Giants Told
Baidu Partners With Automaker BAIC on New Apollo Robotaxi
Trending in China: Wanda Tycoon’s Son Accused of Harassing a Woman for Four Years
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
ByteDance Seeks to Monetize Its Recommendation Tech With Launch of Volcano Engine
Alibaba Developing Self-Driving Trucks With Logistics Arm Cainiao
Chinese LGBTQ Dating App Owner BlueCity Derives 80% of First-Quarter Revenue From Livestreaming
Huawei Opens Cybersecurity Center in South China to Share Best Practices
Hanson Robotics Launches Social Robot Prototype for Health Care
Geek+ Wins Contract from Hong Kong's Circle K to Deploy Depot Robots
Two Tesla Models Among China's Three Best-Selling Electric Cars in May
Xiaomi, Meituan Co-Lead New Funding Round for Lidar Developer Hesai
Dating Apps Operator Momo Reports Revenue and Profit Down as Paying Users Shrink
CATL and BYD in Talks with Apple for EV Battery Supply
Trending in China: Beijinger’s Tirade Against ‘Stinky’ Migrant Sparks Condemnation
Delivery Platform Dada Losses Swell Despite Healthy Revenue Growth
Xiaomi, Vivo and Oppo Sold One-Third of the World’s Smartphones in First Quarter
Xiaomi, Meituan Co-Lead New Funding Round for Lidar Developer Hesai

Ding Yi / Jun 09, 2021 07:22 PM / Business & Tech

With a growing number of contracts it has secured with tech firms betting on autonomous driving, Chinese lidar-maker Hesai Technology has caught more and more attention from venture capitalists bullish on the company’s remote sensing technology, which can boost smart cars’ self-driving capabilities.

The latest investors endorsing Hesai, a Shanghai-based startup that develops lidar sensors for autonomous vehicles and other robotics applications, are smartphone maker Xiaomi, food delivery firm Meituan, Hillhouse Capital’s GL Ventures and Citic Private Equity Funds Management, which co-led Hesai’s series D funding round that raised more than $300 million, Hesai said in a statement on Tuesday.

Other investors included a U.S. dollar-denominated fund managed by Huatai Securities and Hesai’s existing shareholders — Lightspeed China Partners and Qiming Venture Partners, according to the statement.

Lidar is a key technology for autonomous driving as it uses pulsed laser light the way radar uses radio waves to detect objects around a car as it moves.

Seven-year-old Hesai said it will use the proceeds for the mass production of a hybrid solid-state lidar, the construction of a smart manufacturing facility and the development of automotive-grade lidar chips.

Hesai has developed a series of products including mechanical lidar, solid-state lidar and an all-in-one sensing kit for autonomous driving, with its latest product, the PandarXT lidar, being designed for uses in unmanned logistics, mapping and surveillance, according to its website.

The new financing also mirrors strategic implications for Xiaomi and Meituan.

In March, Xiaomi jumped on the electric car manufacturing bandwagon with a massive investment plan, and a cash injection into Hesai opens the possibility that future Xiaomi-branded cars will be outfitted with Hesai-developed sensor systems. The move came after Baidu, which also has a partnership with Hesai, said it had embarked on a joint venture with domestic automaker Geely to produce smart electric cars.

Meanwhile, Meituan is exploring last-mile delivery services using robots capable of automatically identifying obstacles and planning delivery routes. Meituan is also a backer of Shenzhen-based startup PuduTech, which focuses on developing indoor delivery robots.

Contact reporter Ding Yi (yiding@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

Related: Meituan, JD.com Get Green Light to Trial Unmanned Delivery Vehicles in Beijing

 

Share this article
Open WeChat and scan the QR code